Obama's Gift(s) to Big Labor

The United States Congress passed the Sarbanes-Oxley Act on July 30, 2002. The act established a Public Accountancy Board which required publicly owned companies to tighten up accounting rules. The rules are so specific that they govern purchase orders and purchase order acknowledgments. That is, it is no longer acceptable, for instance, for a purchasing agent to verbally accept a price increase of one cent. He must now issue a change order showing the new price. It has been estimated that the cost of issuing a stand-alone purchase order is $100. This is also true of a revised purchase order. Therefore, in this example, a new order with an issue cost of $100 is required to adjust for a price increase of $0.01. Who pays this hidden cost? You and I do.

In 2006 the Bush Department of Labor instituted rules requiring basic union financial reporting. The rules were to give some transparency to the expenditures of union-required member dues. This transparency made public a secret $1 million payment to the AFL-CIO's John Sweeney from member dues. The Obama Department of Labor has said that this transparency creates an "undue burden" on unions and has eliminated the reporting requirements. The DOL offered the public eleven days to comment on this rule change by in October of this year. I defy you to search the public records and find that announcement.

http://biggovernment.com/2009/10/15/obama-labor-department-covers-up-big-labor-bosses-perks/

In fact, if you Google "DOL rescinds labor reporting" and hit "news" you will find exactly two entries. The link above is one of the two.

This is the most crooked and least transparent administration in my memory. How is that hope and change working out for you?

One good thing about being laid off is I don't have to worry about SOX requirements any longer. Fulfilling that took the majority of the first two hours of my day. It was a nightmare.

And if I’m not mistaken, isn’t there some sort of financial bond required for new businesses just to meet SOX requirements?

If anyone wonders why so many business leaders and business organizations oppose big government and support a smaller government, it is idiotic requirements imposed by the government like this.