(WASHINGTON, D.C.) -- Today, the Senate passed H.R. 3763, the accounting and corporate reform legislation, by a 99-0 vote.
Senator Patty Murray voted for the legislation and issued the following statement:
"The American people have paid a tremendous price in lost jobs and retirement savings as a result of the fraud and abuse by some corporate executives and auditors. The bill Congress is sending to the President today will help restore investor confidence and corporate accountability.
This legislation creates a strong, independent oversight board for the public accounting industry, prohibits auditors from providing specific consulting services to the companies they audit, requires corporate officers to vouch for the financial statements they provide to investors, authorizes additional funding for the SEC, and strengthens criminal penalties for corporate fraud and abuse.
The Senate's action is a critically important step towards restoring the public's faith in American markets. By restoring the accountability and transparency that are critical to future economic growth, we will begin to restore an important measure of confidence and security."