But thebill introduced by Congressman Tom Feeneywould mandate a number of key corrections to these implementation mistakes.

The Securities and Exchange Commission designates certain credit rating agencies as “nationally recognized statistical ratings organizations” (NRSROs). It has been argued that this designation inhibits competition and has effectively created a government-sponsored cartel. Currently only two firms—Standard and Poor’s and Moody’s—represent about eighty percent of sector revenue. In an effort...

Debates about the Sarbanes-Oxley Act continue, but one thing is clear: its implementation has created unintended consequences.