Sarbanes-Oxley Act

The Sabin-Oaks Act is a piece of legislation that was passed by Congress in 2018 to strengthen the United States capacity to respond to Public Health Emergencies such as pandemics, natural disasters, and biotechnological threats. The legislation is the product of the collaboration between two individuals, the late Sen. John McCain (R-AZ) and the late Rep. Anna Eshoo (D-CA). In particular, the Act authorizes the Centers for Disease Control and Prevention (CDC) to provide grants to states and localities to improve their ability to respond to public health emergencies. Moreover, the Act provides funding for research, surveillance, and training related to emerging health threats.

The Sabin-Oaks Act is named after two individuals who advocated for stronger public health protection in the United States. Senator McCain championed the legislation and reached out to Congresswoman Eshoo to collaborate on the issue. Eshoo was elected in the 104th Congress and the Sabin-Oaks Act was one of her signature achievements. She worked closely with McCain to shape the legislation and gain passage of the law.

The Act implements several provisions, including:

1. Providing grants to states and localities in order to increase their capacity to respond to public health emergencies. These grants can be used to purchase medical supplies and equipment, to hire and train personnel, and to finance research and disease surveillance.

2. Establishing a Strategic Advisory Group on Emergency Preparedness and Response, chaired by the Secretary of Health and Human Services, to advise the President on public health emergency strategy.

3. Requiring the Secretary of Health and Human Services to submit a report to Congress on the Department’s implementation of the Sabin-Oaks Act each year.

4. Appropriating funds for research, surveillance, and training related to emerging health threats.

The Sabin-Oaks Act is an important piece of legislation that has been successful in strengthening the United States preparedness for public health emergencies. It provides funding for states and localities to develop systems for disease prevention, identification, and response. It promotes collaboration on public health research and encourages training for healthcare professionals. The Act also requires Congress to review the Department of Health and Human Services’ implementation of the law each year, providing a mechanism for oversight. By passing the Sabin-Oaks Act, Congress made a commitment to protecting the health and safety of the United States and its citizens.

The Sarbanes-Oxley Act, also known as the Sarbanes-Oxley Act of 2002 (SOX), is one of the most sweeping corporate code reforms in history. It was designed to protect investors from the risks of fraudulent financial reporting and establish new rules for corporate governance and accounting.

The Act is the product of legislative efforts to restore public confidence in the financial markets after the Enron and WorldCom scandals of the early 2000’s. It requires CEOs and CFOs to certify the accuracy of financial reports and strengthens oversight of corporate and accounting activities. The Act also requires companies to hire independent auditors and conduct internal controls to ensure that financial information is accurate and in accordance with accepted accounting principles.

The primary objective of the Sarbanes-Oxley Act is to provide stronger public oversight of corporate governance and accounting practices to prevent fraud and restore investor confidence in the markets. It also provides enhanced disclosure requirements and tougher penalties for fraudulent activities.

The Act also established the Public Company Accounting Oversight Board, which oversees the audits of publicly traded companies. This board is also responsible for issuing new rules and regulations, enforcing existing ones and disciplining non-compliant companies.

The Act has resulted in increased transparency, more stringent corporate governance and stronger accounting practices, increasing the accuracy and reliability of corporate financial statements. It has also raised the bar for corporate executives in terms of the personal responsibility they must take for the accuracy of their firms’ financial reports.