bec' of it's stipulations around records retention and public reporting of internal communications and customer information confidentiality. So I can safely assume that it provides for an enhanced level of granularity and detail in the financial and business process reporting of publicly held companies. (It doesn't apply to privately held entities (like the Trump organization, only public companies.)

Hope that helps just a little.

to ensure that senior management was accountable for any fraud/illegal activity within the company on their watch. When Enron happened, the senior execs (Ken Lay, etc) blamed low and middle management for all the fraudulent activity and said they knew nothing about it and just signed the documents trusting those below them were honest.

Sarbanes-Oxley (SOX) was enacted to ensure that executives were responsible for any documents/reports/statements that went outside the company and were signed by them.

Remove any barriers that hinder the ability to engage in corporate corruption and malfeasance. redumbliCONs are nasty evil.

It defines what kinds of records, including electronic records, have to be retained, and also deals with the destruction, alteration or falsification of records and how long they have to be stored, and the resulting penalties. It's kind of a big deal in IT because of certain requirements for electronic records. Companies can be audited and there are penalties for noncompliance. It was mainly a result of the Enron debacle.

Since it's intended to prevent fraud, of course Trump would want to get rid of it. It's not his problem personally because it applies only to publicly-traded businesses, but I have no doubt there are a lot of Wall Street types who'd love to see it gone. Too much regulation and red tape, they'd claim.

SOX being short for Sarbanes-Oxley. I think most large, public companies have to comply with the law. The company I work for is large, and while not publicly traded, still complies with the law for technical reasons about which I'm unclear.

said it this am in his ceo lovefest.....said 'the regulators are running the banks'

I'm not much of a financial geek, so I hadn't encountered it until I was writing all the content for an executive search firm that specializes in Finance and Accounting positions. It came up in sections that listed position titles, so I had to look it up. I hate not knowing something about anything I write about.

Most corporations discovered that meeting Sarbanes Oxley compliance actually improved quality control in all departments resulting in a more efficient organization with higher profitability.