January 16, 2008
sarbanes oxley and the American financial market.
The credit for the introduction as well as the implementation of the sarbanes oxley act goes to two senators of the House: Paul Sarbanes and Michael Oxley. Such was their contribution that the legislature was named after them in honor of their efforts and their involvement to promote the welfare of the American financial market. The sarbanes oxley act was basically introduced in order to reduce the frequency of financial scandals plaguing the American market. The legislature is aimed mainly at the publicly owned corporations; thus the privately owned businesses are not required to comply with its regulations.
