The Name – "Sarbanes-Oxley"

The Public Company Accounting Reform and Investor Protection Act of 2002 is commonly known as the Sarbanes-Oxley Act or the SOX or as the SarbOx. These nicknames have been derived from the names of the two persons responsible for drafting the Act and garnering enough support in the Senate and the House of representatives to make is a law.
After the miserable failure of the giants, namely Enron and WorldCom, need was felt to review the financial reporting norms prevalent in the country. Senator Paul Sarbanes who is member of the US Senate and a Democrat from Maryland joined hands with the Republican form Ohio Michael G. Oxley to create the draft of the law and presented it to the Senate which passed is unanimously with 99-0 votes. Then the bill was presented to the House of Representatives which passed it with a thundering majority of 423-3 votes and it became a law of the land mandatorily imposed on all corporate bodies big or small with no exceptions.
Senator Sarbanes is the one of the longest serving Senator from Maryland. He started his political career in 1966 and became a Senator in 1996. He also represented Maryland in the House of Representatives in 1970, 1972 and 1974. He has a wide rage of experience as a member of the Judiciary committee, House Reorganization committees and the Merchant Marine and Fisheries committee and also the Banking, Housing and Urban Affairs Committee. Paul Sarbanes is one of the most respected Senators in the US Senate and with the Active support of the Republicans through Oxley; he secured the unanimous support for passing the bill in the Senate.

Michael G Oxley a republican in the House of Representative from Ohio has been in politics since 1972. He was the chairman of the US House of Representatives committee on financial services and has jointly sponsored the Sarbanes-Oxley Act of 2002.
The Act has been aptly called the Sarbanes-Oxley Act.

Article Source: http://www.articlecontentprovider.com/articlesubmit

The Public Company Accounting Reform and Investor Protection Act of 2002 is commonly known as the Sarbanes-Oxley Act or the SOX or as the SarbOx. These nicknames have been derived from the names of the two persons responsible for drafting the Act and garnering enough support in the Senate and the House of representatives to make is a law.

Bob Willis also writes for System Disc on topics such as What are DirecTV HD receivers and What is ITSM Visit The Name – "Sarbanes-Oxley".

Please Rate this Article

5 out of 5 4 out of 5 3 out of 5 2 out of 5 1 out of 5