"If we start tweaking,'' he says, ''are we putting at risk the one thing that gives us a true competitive advantage in the world?"
Charles Niemeier, a member of the Public Company Accounting Oversight Board, warned policy makers and other critics that they may damage the reputation and competitiveness of U.S. markets if they roll back the Sarbanes-Oxley Act and other securities laws, reported Reuters.
Niemeier made his remarks on Thursday, according to the wire service, during a panel discussion titled "The Burdens of Regulation: Are the U.S. Capital Markets Less Competitive?" sponsored by the New York Society of Security Analysts. He reportedly asserted: "I don't believe that 'regulation light' is an answer. We're looking at an interesting time in where these markets are developing in other countries. It would put us in an extremely dangerous position to have lowered our standards in the United States."
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Critics of Sarbox have asserted that the landmark law makes it more difficult for foreign public issuers to be listed on U.S. exchanges and has driven away some companies that were listed in the United States before the law was enacted.
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