Sarbanes-Oxley law goes too far, admits its author

Congressman Michael Oxley

One of the architects of the controversial US Sarbanes-Oxley legislation admitted on Thursday that some of the reforms were "excessive" and could have been introduced more "responsibly".

Congressman Michael Oxley told a London conference that the legislation "was not a perfect document" because it had been rushed through in the "hothouse atmosphere" following the collapse of WorldCom.

However, he defended the right of federal lawmakers to push through investor-friendly reforms, deflecting accusations made this week that Congress was usurping the role of individual states to draw up corporation laws.

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