The Senate will continue debate this week on whether to roll back corporate governance obligations for a large swath of companies planning to go public, despite criticism from investor advocates that the measures will undo a decade’s worth of progress to improve financial reporting.
Senate Majority Leader Harry Reid scheduled further debate on Monday for H.R. 3606, the legislation passed by the House earlier this month that exempts many newly public companies from all manner of compliance obligations under the Sarbanes-Oxley and Dodd-Frank acts. The Senate had been moving to pass idential legislation last week before outcry prompted opponents of the bill to file amendments that would narrow the group of companies eligible for the exemptions—although most the exemptions themselves remain intact, and seem likely to become law in some form.
