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U.S. Treasury Secretary John Snow on Wednesday warned against using Sarbanes-Oxley financial reporting rules in ways that might dampen economic growth, and he sympathized with the plight of corporate executives who are under regulatory scrutiny.

"We need to maintain balance in our enforcement," Snow said in prepared remarks to the New York University Center for Law and Business.

"We need to make sure the emphasis is on substance and not form. We need to make sure that innocent mistakes are not criminal," he said.

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