November 6, 2006One of this election's "October Surprises" may have come on Nov. 1, when Chuck Schumer, Democratic Senator from New York and chairman of the Democratic Senatorial Campaign Committee, declared in a Wall Street Journal op-ed (available by subscription to WSJ) that the Sarbanes-Oxley corporate accounting law "needs to be reexamined." Schumer and the op-ed's co-author, New York Mayor Michael Bloomberg, wrote that "auditing expenses for companies doing business in the U.S. have grown far beyond anything Congress had anticipated" and that "there appears to be a worrisome trend of corporate leaders focusing inordinate time on compliance minutiae rather than innovative strategies for growth." This criticism is similar to what CEI has been saying practically since the law went into effect.
Schumer joins House Minority Leader Nancy Pelosi in appearing to be open to substantial...
October 27, 2006Republicans have long been accused of being the party of Wall Street, a campaign charge that's again being leveled in this election. But on the issue of Sarbanes-Oxley, the Elephants have moved very slowly for fear of being allied with big business and the corporate scandals that prompted the 2002 law, which was largely crafted by the then-Democratic-controlled U.S. Senate.
The irony of Republican inaction is that it has given leading Democrats the opportunity to outflank the GOP in advocating regulatory relief on this issue, one that's vital for entrepreneurs. Democrats may have been vague on solutions, but they have gone further than leading Republicans who've hardly acknowledged that there was a problem. Earlier this year, when the House Democrats' “Innovation Agenda,” introduced by House Minority Leader Nancy Pelosi, promised legislation to “ensure Sarbanes-Oxley requirements are...
October 23, 2006CEI has nothing against tattoos. Some of our staffers proudly sport them. And we generally have a live-and-let-live, libertarian philosophy.
But now, in a twist, it seems the tattooed are the ones displaying intolerance. Over at WorldNetDaily.com, editor Joseph Farah reports that firms that don't allow employees to sport tattoos or body piercings may now face discrimination “lawsuits from members of a new activist lobby representing the ever-growing population of those into â€˜body modification.'”
CEI recommends this article even though we don't necessarily agree with all of Mr. Farah's opinions against tattoos. The article reports that some cities in California have vaguely-worded laws prohibiting discrimination “based on appearance and behavior.” A wholesale club was sued was recently sued by a member of...
October 12, 2006There's a saying that the most revealing part of Academy
Awards speeches is who isn't thanked. There is often a similar truism about
policy documents signed by economists.
This should be kept in mind with Wednesday's statement
released by the union-backed Economic Policy Institute that boasted the
signatures of more than 600 economists, including 5 Nobel Laureates. The
statement read, “We believe that a modest increase in the minimum wage would
improve that well-being of low-wage workers and would not have the adverse
effects that critics have claimed.”
The “critics” referred to are the bulk of economists who
dominate the profession. As Bloomberg noted in
August, “prominent economists of all ideological persuasions” long opposed the
minimum wage based on...
September 25, 2006
An op-ed I wrote for last Sunday's Washington Times talked about the battle over the interchange fees that banks and credit card companies charge to retailers. The retailers, including some big chains, are whining about the fees they have to pay and want the government to step in to control how much the card companies charge them. This is another example of the phenomenon described in CEI Warren Brookes Journalism Fellow Tim Carney's book The Big Ripoff, in which businesses lobby for big government when it favors their bottom line. And given the experience in Australia when the government imposed price controls on retailer...
September 14, 2006No matter what anyone thought of the ABC's “The Path to
9/11,” the actions of certain senators who objected to the miniseries should
give everyone who values the First Amendment a big chill.
signed by Democratic Senators Harry Reid, Dick Durbin, Chuck Schumer, Debbie
Stabenow, and Byron Dorgan not-so-implicitly threatened ABC's broadcast license
if it aired the drama that was deemed to be critical of the Clinton
The letter they sent to Robert Iger, CEO of ABC parent
Disney, stated bluntly that “[p]resenting such deeply flawed and factually
inaccurate misinformation to the American public and to children would be a
gross miscarriage of your corporate and civic responsibility to the law, to
your shareholders, and to this nation.” The letter spent the whole second
paragraph explaining to...