Speaking at a Council on Foreign Relations forum in New York a day after the advisory panel's decision, f our former chairmen of the SEC all argued against exempting any companies from the internal controls provisions, according to reports.

William Donaldson (whose tenure ran from 2003 to 2005), Harvey Pitt (2001 to 2003), Arthur Levitt (1993 to 2001) and Richard Breeden (1989 to 1993) all made cases against easing the rules.

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