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Nasdaq OMX Group CEO Bob Greifeld on the steps to boosting the economy and job growth.
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The president has outlined his plan for Foster job growth in the US proposing corporate tax reform.
And some free trade agreements but NASDAQ CEO Bob Wright failed.
Says he's overlooking some key structural problems that could really give the jobs market the jolt that it needs to get moving again.
-- this out of Fox Business exclusive is Bob -- -- CEO and president of the NASDAQ.
OMX thank you very much for being here appreciate -- Bob.
A good to be here David by the way we should mention NASDAQ had it right today they were they were and agree along be forward the Dow was so I you guys do it -- we're doing.
The Dow went to catch up to the game let's talk about jobs everybody agrees that we have to get more jobs to get the economy moving that's -- where we're gonna move.
The housing market and a whole lot of things smaller firms are the ones that really are the are the backbone of the economy for creating those new jobs.
And a lot of them are getting killed by regulations including going back to sarbanes Oxley about which you wrote in the Wall Street Journal today why is sarbanes Oxley a drag on the economy right now.
Well for us they have say Davis with.
-- how going get this economy moving and we know we certainly have deficit so.
The harder questions how can you get the economy moving without having to spend massive amounts of money so we came up with a couple recommendations.
One is when you look at sarbanes Oxley is the whole lot of good but clearly -- -- some refinement.
-- small companies.
Their cost of complying with sarbanes Oxley.
Is 36%.
Higher than a larger company that's a big burden on small businesses I would like to see that threshold.
Of companies have to comply with Sox go up -- from 75 million which is it it is currently from walking capitalization up to 700 -- The second point is a large companies that have a clean -- help they should only have to comply with section 404.
Every two years.
Munis like everybody is under our bottom line second because section four -- -- what you're referring to was a section requires.
A professional audits and -- these small companies it's a huge expense for the big companies -- kind of used to it.
But it's -- for the smaller companies.
Yes so we're saying for small companies they should be exempted from sarbanes Oxley completely until -- -- hit a certain size threshold.
For a larger companies was saying 404 should apply.
But in fact if the large company has good behavior has a clean audit and -- force should not be an annual event but should be biannual.
That has the ability to reduce costs on businesses give them more cap all the higher.
Without costing any money into the treasury have you talked W you're in a great position to talk to a whole bunch of smaller companies.
Some of whom are represented on the NASDAQ what it did they tell you that if the word for sarbanes Oxley they would be creating jobs in -- -- we have heard this now for a number of years and it has been something the legislators have looked on.
They've taken some action but were recommending a more comprehensive move.
This definitely -- cards and growth of these small companies something we have to drive.
Right now there's something related to sarbanes Oxley and that's Dodd-Frank.
It.
Dodd-Frank -- sarbanes Oxley tends to hurt the smaller guys particularly smaller banks.
They say that the bigger banks it's easier for them to accommodate to the new rules of Dodd franks -- smaller banks.
Some of which there are getting killed by these new regulations would you would you recommend the same -- reform would Dodd-Frank a much younger regulatory bill.
Well I would say that Dodd-Frank one applies also to large banks and has some pervasive actions -- impacts on their businesses.
But clearly community banks will suffer.
And when you look at Dodd-Frank what are we haven't felt the full effect of it now but in these difficult economic times some delayed Dodd-Frank I certainly could be -- I have to ask you very quickly Bank of America's one of those bigger banks it's affected by Dodd-Frank because of the Durbin amendment day He had said that they had to raise fees on -- it's.
Now they're getting killed by the politicians -- himself.
Well I would make a general comment is that when you put a regulatory burden on one part of a bank.
The bank will seek to raise revenue and all the parts and this is not just the bank in New York issue and is not a banking issue applies to.
Any businesses that has some constraints put on them by.
By policy makers Bob -- failed but we have some breaking news Bob Greifeld is CEO NASDAQ thanks so much for coming in Bob thank you for your time please come back -- is again we got --
