Scaling back Sarbox

13 September 2006 By David Vise

It’s good the Treasury boss has asked his old Goldman colleague John Thornton to revisit capital markets regulation. Parts of the law need revising in light of the goprivate boom and exodus of foreign listings. But bits of Sarbox should remain intact.

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Treasury Secretary Hank Paulson blessed the creation of a new commission, "The Committee on Capital Markets Regulation," to review Sarbanes Oxley and the broader market and regulatory environments with the goal of making US financial markets more competitive.

US markets have been losing stock listings and underwritings to London and seen a raft of companies going private amid concerns about excessive regulation.

The panel will be headed by John Thornton, former president of Goldman Sachs, and former White House economic adviser Glenn Hubbard, now at Columbia Business School. It will report on its findings after the elections in November.

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