Pelosi, Kleiner Perkins Push for Overhaul of Sarbanes-Oxley Law
Monday, November 13th, 2006For Silicon Valley venture capitalists eager to weaken the Sarbanes-Oxley corporate- governance law, it may pay to have friends in high places. The speaker’s rostrum of the U.S. House of Representatives, for instance.
Nancy Pelosi, the leader of newly empowered House Democrats, received more campaign money this year from partners at Kleiner Perkins Caufield & Byers, the venture capital firm that helped launch Google Inc. and Amazon.com Inc., than she got from Democrats’ traditional friend, the AFL-CIO labor federation. She in turn has already identified revising the 2002 Sarbanes-Oxley law as a top priority when she becomes House speaker in January.
Venture-capital firms have been lobbying the White House, Washington lawmakers and regulators for months to water down the law, arguing that higher auditing and legal fees are driving companies to take initial public offerings overseas.
Pelosi, Kleiner Perkins Push for Overhaul of Sarbanes-Oxley Law
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