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Independent Capital Markets Regulation Committee To Examine Sarbanes-Oxley Securities Regulations

Independent Capital Markets Regulation Committee To Examine Sarbanes-Oxley Securities Regulations

by Rick Turoczy on October 4, 2006

The Committee is being directed by Hal S. Scott, a professor at Harvard Law School who was instrumental in forming the group. The group’s co-chairs are R. Glenn Hubbard, dean of the Columbia Business School and a former chairman of President Bush’s Council of Economic Advisors, and John L. Thornton, chairman of the Brookings Institute and former president of Goldman Sachs (where Secretary Paulson was his boss). Other luminaries on the Committee include former Commerce Secretary Donald L. Evans, the heads of PricewaterhouseCoopers, Deloitte Touche Tomatsu, Office Depot, DuPont and the CIT Group. In addition to Professor Glauber, academia is represented by Peter Tufano of Harvard Business School and Luigi Zingales of the University of Chicago Graduate School of Business, among others.

Notably absent from the Committee’s composition are any government officials or regulators, although at least one member (Robert Glauber, a visiting professor at Harvard Law School and former chairman of the NASD) has significant regulatory experience.

Independent Capital Markets Regulation Committee To Examine Sarbanes-Oxley Securities Regulations

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M.D. Fatwa October 5, 2006 at 10:23 am

This post says, “If the Committee’s report favors deregulation, it will be no surprise at all if legislation is introduced in January (when the new Congress convenes) to roll back portions of SOX or to make other changes in line with the Committee’s recommendations.”

That’s probably true, regardless of what the report says. However, given that the make-up of Congress might well change (and in a fashion not necessarily amenable to business), I’m not sure such legislation has any chance of success. This is particularly the case if the PCAOB repeals Audit Standard 2 in the meantime–as it almost certainly will.

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