Will new Congress press for Sarbox reform?

The retiring Rep. Michael Oxley (R-OH), who of course eponymously co-sponsored Sarbox, was loathe to tinker with the law as head of the House Financial Services Committee. The incoming chairman is Barney Frank (D-MA). The knee-jerk reaction is that that law is in for an overhaul. Nancy Pelosi's much-discussed "Innovation Agenda" includes a vow to reform Sarbox. The inside money, however, is not expecting First 100 Hours action. It's anything but a sure bet that Frank will propose meaningful changes. He has indicated that he aims to allow the SEC and the PCAOB time to come up with more industry-favorable rules interpretations and guidelines rather than embark on a legislative solution. It seems like his first priority is executive compensation.

For more on this:
- here's a Forbes article
- check out this CNNMoney.com article

PLUS: The NYSE is hoping for major relief. Article