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Commentary: Investor confidence is easy to shake, hard to restore

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The current debate about the Sarbanes-Oxley Act may prove to be an object lesson in how short memories in Washington can be. I hope that isn't the case, and that the tone and content of the discourse is focused where it needs to be - on protecting investors and the markets. The Securities and Exchange Commission and the Public Company Accounting Oversight Board are exploring ways to make the law more efficient and cost-effective. In early April, they approved a framework that will build more leeway into the way that parts of the law are implemented. While there are no final decisions, investors need to take heed: Some of the proposals, in implementation, could have the unintended effect of watering down the protections created by SOX.

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