May 24, 2007

Chairman Dodd Reacts to Securities and Exchange Commission Final New Rules Under Sarbanes-Oxley Act

Washington – Senator Chris Dodd, D-Conn., Chairman of the Senate Committee on Banking, Housing and Urban Affairs, made the following statement in reaction to the final rule under Section 404 of the Sarbanes-Oxley Act that was approved by the Securities and Exchange Commission earlier today: “I believe that Sarbanes-Oxley Act is sound and has worked in achieving its over-arching goals of improving financial reporting, strengthening corporate governance and enhancing the integrity of analysts’ recommendations. But I also believe that we need to eliminate uncertainties and the excessive compliance costs that can hurt jobs, small business and our nation’s economic growth. The rule promulgated today by the SEC attempts to further the goals of SOX, while improving its regulatory implementation and reducing unnecessary costs. I commend their efforts. I intend to fully and thoroughly review the final rule that they promulgated today.”