Jack Fields: “I support the amendment, because it provides a more efficient mechanism for an auditor to report the discovery of acts…”

“I support the amendment, because it provides a more efficient mechanism for an auditor to report the discovery of acts of questionable legality to management, the board of directors, and, if necessary, to the Securities and Exchange Commission. The current practice requires an auditor to resign if illegal practices are not addressed by the company. This can create an obvious disincentive to an auditor doing the right thing and pursuing his discovery up the corporate chain of command until it is addressed. This amendment is the same legislation our committee and the House have reported out before, and I urge my colleagues to support the gentleman's amendment.”