Corporate Governance of American Businesses
Two groups of panelists discussed the effects on U.S. financial markets of the 2002 Sarbanes-Oxley Act passed in response to corporate and… read more
Two groups of panelists discussed the effects on U.S. financial markets of the 2002 Sarbanes-Oxley Act passed in response to corporate and accounting scandals involving major U.S. companies. Members of the first panel presented the perspective of the private sector. Topics included strengths and weaknesses of the Act, the negative implications of U.S. corporate governance requirements in preserving U.S. international competitiveness, the damage done by initial public offerings being listed in China or Europe rather than in the U.S., and auditing firms' conflict of interest issues.
Members of the second panel presented the perspective of the public sector. Three members of the House Financial Services Committee and Undersecretary Quarles discussed topics such as investor and capital market fees, external auditing issues, and the threats of trial litigation.
Former Commerce Secretary Evans served as host. The panels were moderated by Mr. Insana. The event was held at the Mandarin Oriental Hotel. close
*The transcript for this program was compiled from uncorrected Closed Captioning.
People in this video
- John C. Coffee Professor Columbia University->Law School
- Joseph Crowley U.S. Representative [D] New York
- Stephen M. Cutler Director (Former) Securities and Exchange Commission->Division of Enforcement
- Donald L. Evans Chief Executive Officer Financial Services Forum
- Tom Feeney U.S. Representative [R] Florida
- Vito Fossella U.S. Representative [R] New York
- Ron Insana Senior Analyst CNBC
- Robert S. Nichols President and CEO Financial Services Forum
- Donald T. Nicolaisen Chief Accountant (Former) Securities and Exchange Commission
- Randal K. Quarles Undersecretary Department of the Treasury->Domestic Finance
- Hal S. Scott Director Harvard Law School->Program on International Financial Systems