Ron Paul Speaks Out Against Sarbanes-Oxley

IT Business Edge has this quote from Ron Paul:

The damage inflicted on American businesses and capitol markets by Sarbanes-Oxley has strengthened my conviction that this legislation should be repealed. In 2000, nine of every 10 dollars raised by foreign companies were raised in the United States. In 2005, nine of the 10 largest offerings were not registered in the United States, and, of the largest 25 global offerings, only one took place in the United States. The number of public companies going private increased from 143 in 2001 to 245 in 2004. Sarbanes-Oxley is a, if not the, major reason companies are fleeing America’s capital markets. Furthermore, according to some estimates, Sarbanes-Oxley has cost the very investors the law claims to protect at least $1.4 trillion.

You thought George Bush was for "free markets" and minimal government? You have to wonder high bright the New York's Congressional delegation is.Maybe Sarbanes-Oxley was a secret plan by Karl Rove to shrink NYC's job and wealth base overtime.