We have heard reports that Sen. Jim DeMint (R-SC) may offer an amendment to S. 761, the America Competes Act, on the Senate floor Tuesday. His amendment is a bad idea and we urge opposition. It would make compliance with the "No More Enrons" internal control provisions of the Sarbanes-Oxley Act voluntary for the majority of public companies (those with market capitalization of less than $700 million each). The amendment would harm investors and undermine the competitiveness of U.S. capital markets. That the Senate may even consider an amendment such as this is not a response to any competitiveness problem. It's simply a testament to how much money the U.S. Chamber of Commerce is spending promoting its campaign to weaken investor protection laws. They've got their reports and they've got their press events. Both are weak on facts and long on rhetoric. Here's a recent consumer group letter with the 411 both you and the Congress need to cut through the PR fog.