SOX 404 Reprieve: Financial regulation plan fails first Senate test

Posted by Teresa Bockwoldt on April 25, 2010

There is a great article on regarding the potential Sarbanes-Oxley Section 404(b) reprieve:

"WASHINGTON - Undaunted by a Senate setback, Democrats appeared increasingly confident Monday they will be able to take advantage of Americans' anger at Wall Street and push through the most sweeping new controls on financial institutions since the Great Depression.

The Senate, in a 57-41 vote, failed to get the 60 supporters needed to proceed on the regulatory overhaul. One Democrat, Sen. Ben Nelson of Nebraska, joined with the Republicans.

But the evening vote was just part of a legislative ballet keeping bipartisan talks alive. At the end, Senate Majority Leader Harry Reid switched his vote to "no," too, but that was just a maneuver that will enable him to call for a new tally as early as Tuesday."

Read the full article here.

This article has great insight as to what is happening in the Senate with the SOX 404 Reprieve.

Tags: Non-accelerated filer 404(b) information