The nation’s largest banking association last week asked the Securities and Exchange Commission to revise aspects of The Sarbanes-Oxley Act of 2002—claiming that the “troubling regulatory challenge” for small banks and other businesses is far too costly and results in unnecessary duplication of auditing work.
The letter by the American Bankers Association to SEC Chairman William Donaldson on April 4 said the time had come to provide “important regulatory relief” and reduce the burden for “public companies of all sizes.”
