SEC Rejects Call to Weaken Anti-Fraud Law

The chairman of the Securities and Exchange Commission told Congress Thursday that the agency was weighing changes to reporting requirements for companies but rejected calls to weaken a landmark anti-fraud law.

"We should not minimize the cost to public companies" of new requirements under the 2002 law, William Donaldson said in testimony before the House Financial Services Committee.

However, he added, calls to weaken the law "are, in my judgment, unjustified."

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