Media titan Barry Diller said lawmakers should revisit Sarbanes-Oxley, citing that the high cost of compliance is negatively impacting American businesses.

Diller told the New York Post that Congress should re-examine the three-year-old sweeping corporate reform law "to see what was smart about it and what wasn't, and conform it to sensible and current practice."

Diller, currently chief executive of Internet holding concern IAC/InterActiveCorp, also labeled SOX's section 404 "ridiculous" and "incredibly wasteful."

He said "99.9 percent of the processes" in Sarbanes-Oxley have nothing to do with corporate malfeasance.

Diller however, said he supported the act's requirements making top executives accountable for their books.

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