Organizing for America

DEBATE REALITY CHECK: BIDEN IS COMMITTED TO 21ST CENTURY REGULATORY SYSTEM AND TRANSPARENCY

Tonight, the RNC attacked Joe Biden, stating: “Joe Biden blamed the very same deregulation that he voted for.” [RNC Press Release, 10/2/08]

FACT: Biden Is Committed To 21st Century Regulatory System And Transparency, Voted For Sarbanes-Oxley Act

· Biden Voted For Sarbanes-Oaxley Act, Which Implemented Regulatory Reform. McCain voted for the conference report of the Sarbanes-Oaxley, a bill that that would require more complete disclosure of corporate finances and overhaul regulation of the accounting industry. It would establish a new oversight board, funded by fees on publicly traded companies, to police accounting firms. The agreement would forbid firms from providing investment banking, management consulting and other services for publicly traded companies. It would require additional corporate reporting and disclosure requirements. In cases of security fraud, it would impose civil monetary penalties and require executives engaged in financial misconduct to pay back bonuses and profits. The money would be placed in a fund for defrauded investors. It also would bar executive loans. The agreement would create a criminal penalty for securities fraud and obstruction of justice involving document shredding and require top corporate executives to certify company financial statements. [Vote #192, 7/25/2002]