What act increased penalties for corporate fraud and requires CEO and CFO certification of financial statements?

The Sarbanes-Oxley Act, enacted in 2002, was a direct response to the corporate scandals that undermined investor trust in financial markets, such as the Enron and WorldCom scandals. This legislation aimed to improve the accuracy and reliability of corporate disclosures. A significant feature of the Sarbanes-Oxley Act is the requirement for the CEO and CFO to personally certify the accuracy of financial statements, which holds executives accountable for the integrity of their company's financial reporting.

This act also increased penalties for corporate fraud, including severe criminal penalties for those who knowingly falsify financial reports. The overarching intent is to enhance corporate governance and restore public confidence in the financial statements of publicly traded companies. The other acts mentioned, while related to financial regulations, address different aspects of economic policy and do not focus specifically on corporate fraud or the certification of financial statements.