Angie Craig: “Serious Democrats, such as the Senate Banking Committee head Paul Sarbanes and Senate Investigations Subcommittee…”

“Serious Democrats, such as the Senate Banking Committee head Paul Sarbanes and Senate Investigations Subcommittee Chairman Carl Levin, have taken a completely different tact from the business as usual... we know that we have to regain the confidence of the American investing public and the world investing public, and for that matter, the market systems of our country and in corporate America. As long and as loud as many of us speak about the good corporations out there and how well run they are, the moment another Enron occurs or someone else speaks out about misdealings, that confidence is once again dashed. This legislation moves to create a bright line between, good and bad accounting by separating auditing and consulting services for accountants in public corporations. It requires disclosure of off-balance sheet transactions and other obligations that might affect the corporate financial condition, and it establishes independent auditing boards to oversee corporate accounting.”