|FOR IMMEDIATE RELEASE:||
CONTACT: Jesse Jacobs - 202-224-4524
|Thursday, July 25, 2002||
Craig Davis - 202-224-7391
Senator Paul S. Sarbanes (D-MD), Chairman of the Banking, Housing, and Urban Affairs Committee, made the following closing comments as the Senate prepared to give final approval, and send to the President, the Public Company Accounting Reform and Investor Protection Act of 2002 -- the "Sarbanes-Oxley Act."
"This Conference Report reflects our best efforts to deal with issues we all know to be numerous and complex. Throughout the process, we have worked through each issue methodically; we have sought advice from the most distinguished and experienced practitioners in the field; we have consulted extensively and always in good faith across party lines.
Our approach has been broad, our purpose steady and our approach reasonable. We will send to the President legislation establishing a solid statutory framework for the reforms we know are urgently needed.
Our markets have benefited beyond measure from the statutory framework that created the Securities and Exchange Commission nearly 70 years ago; indeed, we take the role of the SEC for granted.
This legislation will serve to complement and reinforce that framework, and I believe will stand the test of time and more.
Our markets, which have always been regarded as the fairest, most efficient, and most transparent in the world, have lost the confidence in their investors.
It is our purpose with this legislation to see that they once again merit that reputation."