A Republican lawmaker from Florida said Thursday he is drafting legislation to roll back portions of the 2002 Sarbanes-Oxley Act because the law is hurting the economy.

Rep. Tom Feeney, a member of the House Financial Services Committee, said at an event sponsored by the Free Enterprise Fund, which opposes the law, that Sarbanes-Oxley is eroding America’s lead in capital formation. “New entrepreneurs are no longer considering the United States of America as a friendly place to raise capital,” he said.

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