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FBN's Liz MacDonald on Herman Cain, Mitt Romney and Rick Perry criticizing Sarbanes-Oxley for slamming businesses and jobs.
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As Virginia.
Are a wild Mitt Romney Rick Perry may not agree on tax is they can agree on one thing that the government should immediately repeal Lott intended to stop.
Future Enron's in world cops.
Member mark to make believe companies that -- a wild.
In any event executives say it's dramatically increase their costs -- is even squash the market for initial public offerings in that has more Elizabeth MacDonald.
-- this is how the sarbanes Oxley law enacted GOP contenders -- Herman came Mitt Romney and Ron Paul say they want to repeal it because they're saying what essentially is happening is that.
Companies have to hire even more auditors and more accountants and more consultants and or to comply with the law because of it really strict provision in that in it that says.
If you don't comply with a long trying to influence any federal agency or department over it.
You could face fines and up to twenty years in prison so what we're seeing is ever since it was an act in 2002.
Small businesses up and say look -- it's really slamming their bottom lines we may not even bother to go -- but final public offering here in the United States.
It's stopping them from filing IPOs.
And as it essentially forces CEO's and -- -- those who literally sign.
Financial statements that are filed with the -- -- exchange commission.
And document internal controls to the point we're not when I was cutting canning industry.
I was told they had to document the number of Lipton Tea bags that -- -- -- send.
I company cafeteria so that's our motorists it can be it's been called the -- full employment act in canning -- jobless rate is that 3.5 percent vs the more than 9%.
A quick question is then what about cooking the books and it's so reactive rights are -- was right after Enron after -- -- those blatant cases it's been quiet on that -- -- high high profile cases.
Yeah that's trouncing so where's the compromise that you're -- the F.
But there have been accounting restatements we don't know it's because that sort -- -- despite -- That's our box on.
But watts is something the jobs council of the president's on jobs counsel Jeffrey Immelt who runs the jobs counseling is that GA it just council even into bed that says that data out that says.
Look get rid of survey of sarbanes Oxley section 404.
Exempted for companies that have one billion or less the markets He met -- you are delighted.
Section floral Fuller like there's 403 section that would help them off by hearts big Blair.
