Business urges SEC to fix report rules

Lobby calls Sarbanes-Oxley provisions 'costly, onerous'

A leading corporate lobbying group Wednesday urged the Securities and Exchange Commission to loosen part of the 2002 corporate governance law it says is threatening the health of U.S. businesses.

In a letter to the SEC, the U.S. Chamber of Commerce said Section 404 of the Sarbanes-Oxley Act "has been costly, onerous and threatens U.S. capital markets and business competitiveness."

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