Lawmakers May Revisit Provisions of Accounting Standards Law

Article excerpt

Though rumors that Congress may revisit the highway bill may be unfounded, lawmakers may well take another look at Sarbanes-Oxley, said Neil Bradley, policy director to U.S. House Majority Whip Roy Blunt.

Senator McCain (R-Ariz.), among others, has talked about reopening the highway bill, said Bradley. The suggestion has been to remove some of the earmarks - funds dedicated for specific projects - in order to offset the rising cost of responding to the devastation caused by Hurricane Katrina in Mississippi, Alabama and Louisiana.

Politically, that's not viable, said Bradley. The only thing that might be viable is with respect to the affected states. Frankly, their priorities might have changed a little bit. We'd like to be as helpful to them in that regard as we can, if that means changing some things, but I would not live in fear that your transportation dollars are going to be rescinded for Katrina.

On the other hand, Congress will very likely revisit the provisions of the Sarbanes-Oxley Act, signed into law in 2002. …


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