Abstract
Although the Sarbanes-Oxley Act (SOX) received nearly unanimous support when enacted, only a few years thereafter its wisdom is increasingly being questioned and its supporters are having to stave off attempts to recraft the legislation. SOX has produced a barrage of complaints, particularly for imposing unwarranted costs, especially on smaller firms, and for contributing to a decline in the competitiveness of U.S. capital markets. After providing a context by reviewing the political dynamics that produced SOX, mapping out the positions of commissioned reports that have recommended revising it and empirical research bearing upon the recommendations, the paper examines media coverage by national journalists and national and regional newspapers to gauge better the political salience of SOX's critics and the increasing support in Congress to revise the legislation, including an analysis of floor votes on exempting small firms. It concludes with a prognosis on SOX's future.
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