Anti-Fraud Laws Revisited for Validity
A law that was written in response to the Enron Scandal and other corporate trust violators is being challenged in Supreme Court by a company that claims it violates their constitution rights as well as the separation of powers. Courts heard arguments on Monday from a small Nevada accounting firm and an anti-tax group who argues that the 2002 brought the challenge to the 2002 Sarbanes-Oxley which permits the President to appoint or remove members law grossly violates the Constitution’s separation of powers mandate.
Proponents of the law indicated that they were put in place to increase oversight of internal controls to protect investors and workers. It came on the heels of scandals at companies like Enron Corp., WorldCom Inc., and others, which many blame for the onset of the economic decline.
The Supreme Court is still hearing deliberations on the case.
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