Published: July 29, 2005

Is Corporate Governance Reform Working as Planned?

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Three years after the enactment of the Sarbanes-Oxley Act, questions are mounting about unintended consequences for hundreds of U.S. firms. Instead of complying with the new regulations, many companies are deciding the costs of being publicly traded or listed on a major stock exchange are no longer worth it. In the cover story of the summer 2005 issue of Region Focus, Doug Campbell examines the impact of Sarbanes-Oxley on businesses and investors.

Also in this issue:

--  Milton Friedman on Price Controls: One of the 20th century's most
    influential economists discusses "How Not to Stop Inflation" in a
    never-before published speech
--  A Menu of Options: A Richmond Fed economist says the best way to
    supervise banks may be to offer incentives that help keep the
    riskiest ones from declaring themselves safe
--  Tobacco Buyout: For the first time since the Great Depression,
    tobacco growers enter a market largely free from price supports.
    And many are happy about it
--  Redevelopment Boot Camp: Another round of base closings brings
    the opportunity for military-centric communities to turn barracks
    and bombing ranges into something marketable
--  Economic History: Research Triangle Park was a pipe dream that
    paid off
--  Book Review: Freakonomics by Steven Levitt and Stephen Dubner

Region Focus, a quarterly business magazine published by the Federal Reserve Bank of Richmond, covers the economy and business activities of the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia.

For free copies of Region Focus, contact the Bank's Public Affairs Department at 804.697.8109. The articles are available online at http://www.richmondfed.org/publications.