Sean Patrick Maloney: “I rise in support of real corporate reform legislation and urge the conference committee to adopt the proposals put…”

“I rise in support of real corporate reform legislation and urge the conference committee to adopt the proposals put forth by Senator Sarbanes. Financial markets around the world are in a highly anxious mood, U.S. fiscal policy is plunging our country back into deficits, and the credibility of some of our most trusted companies' financial statements is undermined. This is no time to delay the establishment of fully independent oversight of the industry by a newly created public accounting board that is not under accounting industry control. As the conference committee nears its completion, the funding for the new oversight board must not be used as a means of undermining its independence. Senator Sarbanes' legislation provides the board with funding from public companies as they are audited, a mechanism that separates the board funding from the accounting firms it will oversee and it protects its independence. The Sarbanes legislation will not turn the markets around by itself but it will send a message to investors here and abroad that Congress is serious about removing the conflicts of interest.”