Tuesday, April 12, 2005

Fed's Guynn Says Sarbanes-Oxley Act Has Helped Restore Trust

Jack Guynn, president of the Federal Reserve Bank of Atlanta, said the 2002 Sarbanes-Oxley Act has helped restore trust in U.S. corporations at a "very substantial" financial cost to some businesses.

"Today's boardroom culture seems to be changing," Guynn, 62, said in a speech being delivered today at Bridgewater College in Bridgewater, Virginia. "Corporate governance has weeded out some of the most egregious conflicts of interest."

Congress enacted Sarbanes-Oxley to tighten accounting standards and require public companies to disclose more after Enron Corp.'s Chapter 11 bankruptcy filing. The U.S. Securities and Exchange Commission brought about 1,300 civil cases against businesses from 2002 to 2004, resulting in more than $5 billion in penalties, Guynn said.

Fed's Guynn Says Sarbanes-Oxley Act Has Helped Restore Trust

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