Can the Committee succeed in reforming law?

Will the Committee on Capital Markets Regulation--which boasts an impressive roster of luminaries--be able to do anything about Sarbox? It's too early to tell, but the fact that Henry Paulson supports the group is a sign that the committee should not be taken lightly. The committee has undertaken a study to explore the competitiveness of U.S. companies in light of the law. It will issue a report by the end of November with a focus on Section 404. The director of the group is Harvard law professor Hal Scott. This is yet another sign of Corporate America fighting the law. It suggests that some tinkering to the law will be forthcoming, which means you'll have that much more to keep up with. The proposals will be interesting; the issue is whether they will offer changes that retain the bite of 404 or will they water the section down thoroughly. At this point, the debate will likely turn on details.  

For more on the committee:
- Here's an AP article
- Here's an article from The Economist
For more on Paulson:
- Here's an article from The Times