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Washington, D.C. – U.S. Senator Mike Enzi, R-Wyo., is pleased with a recent Securities and Exchange Commission announcement allowing 2,000 public companies additional time to implement new financial safeguards.

"Recent articles have highlighted some large publicly traded companies that are struggling to meet the deadline to implement the internal control safeguards required by the Sarbanes-Oxley Act. The action by the SEC this week recognizes that smaller publicly traded companies may need more time to implement these very important controls," said Enzi, chairman of the Senate Banking Subcommittee on Securities and Investments. "Cooperation from small companies is essential to continue the battle against financial fraud and mistakes that hurt investors and the entire financial community. This extension will give needed time to companies that are already in the process of filing their internal control reports. The SEC has recognized the importance of being reasonable in the implementation of these rules. If the implementation takes a little longer to get done right it's worth it."

The Sarbanes-Oxley Act of 2002 requires certain companies to report on the management's assessment of the effectiveness of the companies' internal control over their financial accounting. These internal control safeguards are used to help senior management detect early fraud or accounting problems. The recent delay allows small and medium sized companies another 45 days to file the first of these internal control reports.