Corporate Governance Reforms
After the Enron scandal, Congress began looking for a way for regulators to gain control over public companies. The corporate reformers then took a grab bag of previously rejected corporate governance reforms and repackaged them for presentation to Congress. The resulting legislation, the Sarbanes-Oxley Corporate Reform Act of 2002,2 sought to restore integrity to the accounting statements of public companies that were filed with the SEC. That effort failed, as the following elaborates.