Sen. Paul S. Sarbanes said yesterday that the corporate accounting law he co-authored helped avert a crisis in U.S. securities markets, and that critics pushing to ease some of its regulations have forgotten the recent spate of corporate scandals.
In remarks to a group of consumer advocates, Sarbanes said the bill fixed "systemic and structural defects" in overseeing company conduct. Critics have "short" memories of the accounting troubles that drove Enron Corp., WorldCom Inc. and other companies into bankruptcy.
"That legislation came in direct response to a crisis whose dimensions in retrospect are all too easy to play down," said the Maryland Democrat. "Critics who now attempt to minimize the seriousness of the situation should not go unchallenged."
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