The Finch Formerly Known As Gold

13 March 2006

Pelosi steps forward

Nancy Pelosi's Innovation Agenda is not really a typical Democratic document. Yes, there's the tendency to throw government funding at things, but there's at least the recognition that business does something other than generate tax revenue.

John Berlau of the Competitive Enterprise Institute's new Open Market blog singles out one provision of the Agenda for two, maybe two and a quarter cheers:

[The Agenda] she unveiled on behalf of House Democrats goes further than many Republicans have gone on reining in Sarbanes-Oxley. It commits House Democrats to support legislation that will "require specifically-tailored guidelines for small public companies to ensure Sarbanes-Oxley requirements are not overly burdensome."

While modest, this is further than most Republicans have been willing to go. For the most part, they have failed to challenge House Financial Services Committee Chairman Mike Oxley (the Oxley in Sarbanes-Oxley), who has said there will be no legislative changes to the law. Given the billions in compliance costs and many thousand of productive manhours these accounting rules have cost American business, it is smart politics for Pelosi to come out with her position. Itís a way of arguing to the business community that Democrats are reasonable, and Sarbanes-Oxley reform is not an issue that will particularly anger her Democrats' base.

A few more like this, please.

Posted at 10:51 AM to Political Science Fiction