The Sarbanes-Oxley Act (SOX) is legislation enacted by the United States Congress in 2002 to address corporate scandals and restore public trust in financial markets. It is named after its sponsors, Senator Paul Sarbanes and Representative Michael Oxley, and sets new standards for public company boards, management, and public accounting firms. A number of provisions of the Act also apply to privately held companies, such as the willful destruction of evidence to impede a federal investigation.