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The Jumpstart Our Business Startups Act Takes the Bite Out of the Sarbanes-Oxley Act of 2002: Adding Corporate Governance to the Discussion

The Jumpstart Our Business Startups Act (“JOBS Act”), which became law in April 2012, made significant deregulations to the United States’ securities law. One such deregulation essentially eliminated the outsider audit mandated by the Sarbanes-Oxley Act of 2002 (“SOX”). There are strong justifications for and against this law. However, one significant interest is missing from the discussion — corporate governance. Corporate governance is important because it furthers Congress’s goals of job creation and economic growth. Because the outsider-audit requirement improves corporate governance practices, this Note proposes a different approach for regulating the controversial outsider-audit requirement. Instead of backpedaling on SOX section 404(b)’s outsider-audit provision, the JOBS Act should retain section 404(b), provide a limited exception for businesses that are both small and young (businesses that make less than $75 million and are less than ten years old), and encourage businesses to voluntarily strengthen their corporate governance frameworks.