Fears of the tough Sarbanes-Oxley compliance laws moving beyond the US have been dismissed by the top Democratic politician widely expected to take charge of the powerful House financial services committee.
Barney Frank, a Massachusetts congressman, said the idea that "Sox" could be more widely applied abroad was "not going to happen" because it was being watered down in the US.
He also cast doubt on the ability of US and UK regulators to settle differences that might arise over cross-border regulation, suggesting consideration of a supra-national regulator should be considered.
Mr Frank's views are being closely watched ahead of the mid-term congressional elections next week.
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