The bill which was passed unanimously in the Senate was also passed by the house with a vote of 423-3. It was presented by Representative Paul Sarbanes whom wanted to see tougher accounting rules in affect. With the act being in effect there is now a five-member accounting oversight body to investigate and punish accounting firms, of publicly held companies. It also got rid of the peer review process and replace them with federal accounting. If a CEO or CFO is caught lying on their financial reports they can be sentenced with a maximum twenty year jail term or a five million dollar five. It also prevents a

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