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July 25, 2002 TANNER VOTES TO STRENGTHEN CORPORATE RESPONSIBILITY U.S. Rep. John Tanner today voted for a compromise bill that will toughen corporate and auditor accountability laws. The measure passed the House and Senate and will go to the White House. "The House and Senate conference committee has created a new set of guidelines that I believe will add some stability to today's corporate marketplace and strengthen corporate transparency and accountability," Congressman Tanner said. The bill creates an independent regulatory board to more closely follow the work of audit firms. The Public Company Accounting Oversight Board will be funded independently by public companies. The measure would also hold CEOs accountable for honest bookkeeping, prohibit large corporations from making insider loans to executives and require more reporting when corporate insiders sell off their stock. Under the bill, there would be tough criminal penalties for corporate wrongdoing. "Employees and investors need to know that there will be strict penalties for any corporate misconduct," Tanner said. "This legislation toughens regulations against those companies, to ensure there is fairness in the marketplace." Tanner represents the 8th Congressional district. He is a member of the House Ways and Means Committee. # # # #107 - 155 Randy Ford
For more information, contact Thurston Smith, President of the Stewart County Democratic Party, at tlee@compu.net, or Grayson Hansard, website administrator, at ghansard@DSTVI.com |
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