Scott Garrett: “just a reflection on the comments by the chairman. I appreciate the chairman wishing to defer to the expertise of the…”

“just a reflection on the comments by the chairman. I appreciate the chairman wishing to defer to the expertise of the SEC. Would the chairman and the committee defer in the same manner to the SEC with regard to the issue of executive compensation as he does to the area of SOX. The problem with the testimony that we heard in committee the other day is that after repeated questioning from both sides of the aisle as to exactly what the cost will be on business in America through the SOX reform that they are proposing right now out of the SEC on both large and small businesses, their answer was basically ``we don't know.'' They have had 2 years to look at it at the SEC, to come up with new rules and regulations, to try to bring down the complexity and the burden on businesses large and small. And after 2 years, they don't know. Congress has directed them and the message has been made clear to the SEC that the burden, as the gentleman from Florida has already pointed out, is excessive and we asked them repeatedly, can you categorize this? Can you pinpoint how much, if any, savings there will be for businesses? And they say they don't know. So until they do know, all we are asking for is a 1-year extension so that small businesses can have an opportune time to learn the new regulations that are basically being promulgated as we speak before they have to implement them.”