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Sarbanes-Oxley Costs Business Too Much, Says Greenspan

10:28 am   -   November 17th, 2006

Alan Greenspan, the former chairman of the U.S. Federal Reserve, aimed sharp barbs recently at the Sarbanes-Oxley Act governing U.S. public companies.
Greenspan, who stepped down from his role at the Federal Reserve in January after 18 years, was the keynote speaker at AMR Research Inc.’s Executive Leadership Conference in Boston. In a wide-ranging look at the U.S. and global economies, Greenspan gave his take on the Sarbanes-Oxley legislation, which was implemented in the wake of major corporate accounting scandals.

A lot of financial reporting is less of a historical record and more of a forecast, according to Greenspan. “What the chief accountant creates is a work of art,” he added to audience laughter. So, requiring CEOs and chief financial officers to sign off on company accounts is a good thing, he said, since they have the best sense of where the value of a business lies.
However, he described Sarbanes-Oxley Section 404 as a “nightmare” and extremely costly. That section requires a company’s auditor to attest to the effectiveness of internal controls implemented to protect financial reporting systems and processes.
“What can you expect when you get virtual unanimity in both houses [of government]?” Greenspan asked. “Any bill that gets that can’t be good.” He said he believes that the vast majority of the members of the U.S. Senate and House of Representatives failed to actually read the bill, which passed largely uncontested in 2002.
Greenspan is hopeful that changes to Section 404 are likely, praising the efforts of Sen. Chuck Schumer (D-N.Y.) and Rep. Barney Frank (D-Mass.) seeking a re-evaluation of the legislation.
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