Rep. Barney Frank faces a full plate as he prepares to head the House Financial Services committee. The Democrat from Newton - who, as the committee’s ranking minority member, is the likely choice to become its new chairman - knows he will confront a variety of issues ranging from hedge funds to housing.
But few topics before his committee have commanded the business community’s attention as much as the need to modify a small section of the 2002 corporate reform law known as Sarbanes-Oxley.
You would be hard-pressed to find anyone in the business world who would argue that the advantages of Sarbanes-Oxley don’t far outweigh its weaknesses. Passed in the wake of the accounting scandals that made Enron and WorldCom household names synonymous with financial chicanery, the law was a necessary measure to restore faith in the public markets.
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