Garrett Gazette- December 17, 2007
Washington,
Dec 17, 2007 -
Dear Friends:
Last week, the SEC (U.S. Securities and Exchange Commission) announced that it would delay the implementation of reporting requirements imposed on small businesses by Section 404 of the Sarbanes Oxley law (SOX). I was pleased to hear that SEC Chairman Christopher Cox and the SEC are taking these steps to loosen the reins on these very onerous regulations.
I have repeatedly expressed my concerns about SOX and the impact it is having on American financial markets and companies. This law began with good intentions of improving accountability for public companies in the wake of Enron and WorldCom scandals. But, the implementation is having dire financial consequences, forcing companies to go public overseas or not go public at all. And, with the deadline looming for the application of reporting requirements to small businesses, the impact was only bound to get worse.
Earlier this year, I offered an amendment to the FY 2008 Financial Services Appropriations Act with Rep. Tom Feeney of Florida. Our amendment would delay these small business reporting requirements until the end of the fiscal year. It passed with broad bipartisan support of 267- 154, making it the first successful effort to protect American markets and good faith efforts by American businesses from the excessive SOX regulations. Regrettably, this appropriations bill has not yet been passed by both the House and Senate and cannot yet be presented to the President for signature into law.
The SEC’s announcement last week will give this relief to small businesses. By delaying this SOX requirement we are giving our small businesses more time to ensure that they are not unfairly hurt without jeopardizing the accountability goals of the initial SOX legislation.
Sincerely,
Congressman Scott Garrett
ISSUE OF THE WEEK: GARRETT PROPOSAL TO GIVE CONTROL OVER EDUCATION BACK TO PARENTS AND TEACHERS GETS NOTICE IN WASHINGTON POST
Last Sunday’s Washington Post included a column by George Will about the upcoming reauthorization of the No Child Left Behind Act, which governs federal education policy for Kindergarten to 12th Grade. Congressman Garrett’s LEARN (Local Education Accountability Returns Now) Act would give states the ability to opt out of these federal regulations and establish their own standards without penalizing the state’s taxpayers. As Will noted in his column:
But Rep. Scott Garrett, a New Jersey Republican … proposes to allow states to opt out from under NCLB's mandates and regulations and to give residents of those states tax credits equal to the portion of their taxes their state would have received back in federal funds for K-12 education. Garrett thinks that this could be a template for states to escape many entanglements with Washington.
… [Michigan Congressman Pete] Hoekstra's and Garrett's proposals would enable states to push Washington toward where it once was and where it belongs regarding K through 12 education: Out.
His full column can be found at: http://www.washingtonpost.com/wp-dyn/content/article/2007/12/07/AR2007120701980.html.
CONGRESSMAN SCOTT GARRETT’S OFFICE COMING TO A TOWN NEAR YOU:
Congressman Garrett’s staff will be holding Mobile Constituent Service Hours in a number of Fifth District towns this week. The Congressman’s Constituent Service Officers are trained to act as your liaisons with Federal agencies. But, it’s not always easy to make it out to one of the Congressman’s district offices – in Paramus and Newton – to meet with one of them, especially when you are dealing with government red tape. These Mobile Constituent Service Hours sessions bring the Congressman’s office to you. So, if you are having trouble with a Federal program, such as Medicare, veterans benefits, Social Security, or more, please feel free to come by. And, please bring copies of any relevant paperwork with you to facilitate their work.
The regular Mobile Constituent Service Hours schedule will be suspended from December 24th to January 2nd in celebration of the holidays. The regular schedule will resume on January 3rd.
Tuesday, December 18th
Blairstown
10:00 am to noon
Municipal Building, 106 Route 94
Tuesday, December 18th
Hillsdale
10:00 am to noon
Borough Hall, 380 Hillsdale Avenue
Tuesday, December 18th
Westwood
1:00 pm to 3:00 pm
Borough Hall, 101 Washington Avenue
Tuesday, December 18th
Sussex
1:30 pm to 3:30 pm
Sussex-Wantage Library, 69 Route 639
Wednesday, December 19th
Sandyston
10:00 am to noon
Town Hall, 133 Route 645
Wednesday, December 19th
Allendale
1:00 pm to 3:00 pm
Borough Hall, 500 W. Crescent Avenue
Thursday, December 20th
Bloomingdale
10:00 am to noon
Council Chambers, 101 Hamburg Pike
Thursday, December 20th
Dumont
1:00 pm to 3:00 pm
Borough Hall, 50 Washington Avenue
