Washington (July 12, 2002) --With frequent allusions to "morally challenged executives," Arizona Senator John McCain proposed a series of stringent proposals to help curb the recent spate of corporate accounting fraud.

In a speech at the National Press Club Thursday, McCain rallied for a ban on accounting firms selling any consulting services to their audit clients, and a new law that proposed separating investment banking from the research and investment services.

He also said members of corporate boards -- with the exception of the chief executive -- should not be allowed to own a stake in the company.

McCain also reiterated his call for Securities and Exchange Commission chairman Harvey Pitt to resign, saying "the circumstances today require a new leader of the SEC. whose background and record will leave no question that he or she will proactively assert the independence and authority of the SEC to protect the integrity of our markets."

--Electronic Accountant Newswire staff

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