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S.E.C. Chief, Under Cross-Pressure, Sees Some Modest Changes

S.E.C. Chief, Under Cross-Pressure, Sees Some Modest Changes

by Rick Turoczy on February 10, 2005

William H. Donaldson, chairman of the Securities and Exchange Commission, predicted on Wednesday that the commission would consider making modest, but not wholesale, changes to some major regulations adopted after a wave of corporate scandals.

Under heavy pressure from Bush administration officials, business groups and Wall Street, Mr. Donaldson denied that the agency was in a period of significant retrenchment, but said that it was part of his plan to reflect on the regulatory experience of the last two years and make some rules more “cost effective” without diluting their impact.

“I’m not reacting to the ‘pendulum swinging too far,’ ” Mr. Donaldson said in an interview in his sixth-floor office here. “I’m acting out the plan that has always been here. We would be foolhardy if we didn’t try to adjust it with experience,” he said, alluding to a section of the Sarbanes-Oxley Act of 2002, the landmark law enacted in the wake of corporate fraud that requires executives and their auditors to tighten controls.

S.E.C. Chief, Under Cross-Pressure, Sees Some Modest Changes

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