Monday, November 15, 2004

SEC urged to enforce Sarbanes Oxley whistle-blower law

Two senators who wrote a tough but little-understood law to protect corporate whistle-blowers are pressing the Securities and Exchange Commission for aggressive enforcement, just as a case emerges that could determine how companies are policed.

Spurred by scandals at Enron, WorldCom, and other large corporations, Congress passed the Sarbanes-Oxley Act in 2002. It requires chief executives to swear their companies' books are accurate. It also gives corporate whistle-blowers more protection than any previous federal law has extended to insiders who report wrongdoing.

Senators Charles Grassley, an Iowa Republican, and Patrick Leahy, Democrat of Vermont, who wrote the whistle-blower section, said they wanted to change a corporate culture that ''valued profit over honesty."

SEC urged to enforce Sarbanes Oxley whistle-blower law

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