Pension Reform Act I: Accounting Industry Reform Act Enacted; Next Step: Pension Reform Legislation
By Joshua H. Sternoff and Nicole K. Watson
President Bush signed the Sarbanes-Oxley Act of 2002, commonly known as the Accounting Industry Reform Act, into law on July 30, 2002. The Act was adopted in the wake of highly publicized corporate accounting scandals at Enron, Worldcom, and several other major public companies to protect investors by improving the accuracy and reliability of corporate accounting and securities law disclosures. The Act had been approved with overwhelming support on July 25, 2002, by the House (423-3) and the Senate (99-0).