In his campaign speeches, presidential hopeful Newt Gingrich touches upon his intentions to repeal the Sarbanes-Oxley (SOX) Act of 2002, which was passed in the wake of several high-profile financial scandals, including Enron.
The act established a system of controls, audit solutions, and reporting in a bid to reform public company accounting rules and avoid future financial scandals. However, it came under fire for being "a classic case of a knee-jerk government action that did lots of harm and very little good," according to TechCrunch.
Gingrich vowed that, if elected, he will repeal the act on his first day as president, along with Obama's healthcare legislation and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Bloomberg Businessweek reports.
Gingrich has been outspoken about his opposition to SOX for years. In a 2008 op-ed piece for the San Francisco Chronicle, TechCrunch reports that he and co-author David Kralik noted it failed to prevent insolvencies and accounting shortfalls in the cases of American International Group and Lehman Brothers, both casualties of the recession.