In a letter to SEC Chairman Christopher Cox, Kerry and Snowe made several requests, including an extension for small public companies to comply with the newly issued regulations.

Kerry and Snowe's letter also requests an assessment of the cost of the new rules under the Regulatory Flexibility Act before they become effective later this year, a small business compliance guide to be published by the SEC that would assist small companies in implementing the new internal controls requirements, and a regular report by the SEC's Advisory Committee on Smaller Public Companies on the impact of Section 404, as well as how the financial burden of compliance with SOX may be reduced.

SEC Chairman Cox recently testified before the House Small Business Committee that compliance costs will go down, but that there is no need for another delay in Sarbanes-Oxley Act  Section 404 compliance. At the same hearing, committee chairwoman Rep. Nydia Velazquez (D-N.Y) challenged Cox, questioning how the SEC knows costs will decrease and asserting that small businesses need more time.