January 1

Supreme Court strikes down key Sarbanes-Oxley provision

first_imgThe Supreme Court today issued a ruling in Free Enterprise Fund v. Public Company Accounting Oversight Board. In a 5 to 4 decision, the Court found unconstitutional a key provision of the Sarbanes-Oxley Act, the anti-fraud law Congress enacted in the aftermath of the Enron and WorldCom accounting scandals. Overturning decisions by the DC District Court and the DC Circuit Court, the Supreme Court held that the Public Company Accounting Oversight Board violated the Appointments Clause of the Constitution because its members are not under the direct control of the President.  Senator Leahy (D-VT) was a co-sponsor of the Sarbanes-Oxley Act of 2002 and a principle author of the whistleblower protections established by the Act.‘I am very disappointed by today’s decision in which a bare majority of the Supreme Court found a key provision of the Sarbanes-Oxley Act unconstitutional.  This important anti-fraud legislation has been a critical tool for protecting American taxpayers from fraud and corruption. In overturning the lower courts’ decision, the Supreme Court has once again turned its back on its own precedents and disregarded the longstanding judgments of Congress and our efforts to protect Americans from abuses by powerful corporate interests. ‘A key reform enacted by the Sarbanes-Oxley Act was the establishment of the independent Public Company Accounting Oversight Board to regulate accounting firms whose use of convoluted, often fraudulent, accounting schemes misled investors and rocked the financial world.  Their deception and greed cost Americans hundreds of billions of dollars.  Corporate conservatives attacked this Board as unconstitutional because its members are not under the direct control of the President.  A slim majority of the Supreme Court agreed with these corporate interests that the law violates the Constitution’s Appointments Clause, and their decision today guts many of the critical accountability provisions of the Sarbanes-Oxley Act intended to protect the public.  ‘Unfortunately, this case is bigger than just the Sarbanes-Oxley Act.  As Justice Breyer noted in a vigorous dissent today, this decision may call into question the constitutionality of various mechanisms fashioned by Congress to combat inefficiency and fraud in both the public and business sectors and ‘threatens to disrupt severely the fair and efficient administration of the laws.’  Congress has established dozens of agencies which serve as indispensible corporate watchdogs and whose oversight provides a check on the power of Wall Street. I am very concerned that the Court’s decision today will call into question the ability of these agencies to adequately protect the public.  ‘By continuing to issue decisions that benefit corporate risk-takers at the expense of hardworking Americans, the Court has once again undermined the government’s effort to reign in corruption on Wall Street. Congress must take swift action to respond to this disappointing decision, and I look forward to working with Senators from both sides of the aisle to pass legislation that will reinstate the Public Company Accounting Oversight Board and the important protections it provides our citizens.’Source: Leahy’s office. 6.28.2010# # # # # #last_img read more

September 23

Martha Jean Thomas, 66, Brookville

first_imgMartha Jean (Hamlin) Thomas, age 66, of Brookville, Indiana died Tuesday, December 11, 2018 at the Veterans Administration Medical Center in Cincinnati, Ohio.Born July 31, 1952 in Middletown, Ohio, she was one of three children born to the late James Edward & Wanda Mae (Lowe) Hamlin. She was a Veteran of the United States Navy, having served as a Hospital Corpsman from October 1970 until her Honorable Discharge in April 1974, during the Vietnam era. On December 7, 1979 she was united in marriage to Jim C. Thomas and he survives.A homemaker, she enjoyed reading, being outdoors, camping, her pets, as well as visiting with her friends and family.Besides Jim, her loving husband of 39 years, survivors include a daughter, Julianne (Bill) Hodge of Metamora, Indiana, a son, Jesse (Cynthia) Thomas of Austin, Texas, as well as brother, Daniel E. Hamlin of Monroe, Ohio.In addition to her parents, she was preceded in death by a brother, James W. Hamlin.Family & friends may visit from 1 until 2:00 P.M. on Saturday, December 15, 2018 at Carlisle Community Church, 780 Fairview Drive, Franklin, Ohio, 45005.Kevin Noah will officiate the Funeral Services on Saturday, December 15, 2018; 2:00 P.M., at Carlisle Community Church in Franklin, Ohio. Burial with full military honors by the Franklin Post #7596 of the Veterans of Foreign Wars will follow in New Jersey Presbyterian Church Cemetery in Carlisle.Memorial contributions may be directed to the Franklin County Animal Shelter. Phillips & Meyers Funeral Home is honored to serve the Thomas family, to sign the online guest book or send a personal condolence to the family visit www.phillipsandmeyers.comlast_img read more

September 20

State Senator Manny Diaz Found the Timing of the Teacher Rally “Odd”

first_imgState Senator Manny Diaz Jr, the Education Committee Chairman talked to 850WFTL about the issues facing teachers and students in Florida such as teacher pay, school safety, common core and testing. He also said that he found the massive teacher rally at the beginning of the legislative session strange because both the Governor, Ron DeSantis and the lawmaker were proposing legislation to increase teacher salaries. He added that the teaches had a constitutional right to rally even though the timing was odd. https://www.850wftl.com/wp-content/uploads/2020/02/Sen-Manny-Diaz.mp3The teachers who joined the march were complaining that the proposed salary increases were for new hires and did not address the veteran educators.Florida ranks #3 nationally in the overall category of education with a #1 ranking for higher education but ranks #27th for its K-12 schools.Senator Diaz offered some ideas to help the undergraduate students to excel.Listen to the full interview here:https://www.850wftl.com/wp-content/uploads/2020/02/SFS-Sen.-Diaz-Education.mp3last_img read more