Wall Street Reform And Consumer Protection Act Of 2009

Floor Speech

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Mr. COHEN. Madam Chair, I want to thank the people I have worked with on this amendment, Mr. Kanjorski, Mr. Frank, Mr. Sarbanes.

The fact is that Sarbanes-Oxley section 404 is one of the more important pieces that we have in our portfolio to protect consumers against corporate fraud and corporate corruption. When it was passed it was passed by an overwhelming majority, almost unanimous, in this House.

Over the years it hasn't been implemented completely, but now it needs to be implemented, for small companies, $75 million or less, as well as the large companies where it has already been implemented. As Mr. Sarbanes said, the loss to investors from small companies is just as important and potent to them as the loss from large companies. We have so many investors that will be at risk if there are not proper accounting procedures and safeguards for the American public.

As Arthur Levitt, the former chairman of the SEC said, Overturning the most pro-investor legislation in the past 25 years is deeply disturbing. Those who vote against investor protections in Sarbanes-Oxley will bear the investors' mark of Cain. Take it if you choose it.

I submit you shouldn't support the amendment.

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