In a move to keep the United States ensconced as the financial capital of the world, a newly formed commission will recommend changes to the Sarbanes-Oxley Act and other regulatory mandates it judges to encumber domestic capital markets from remaining competitive.
The group, to be called, "The Committee on Capital Markets Regulation," will be co-chaired by former White House economic advisor Glenn Hubbard and Goldman Sachs president John Thornton. It will submit its recommendations at the end of November.
Observers have said that the burdens of compliance laws such as SOX represent an imposing roadblock for selling securities in the United States -- particularly for companies doing business overseas. Recently, New York Stock Exchange President John Thain pointed out that nine of the 10 largest initial public offerings this year were executed overseas, rather than in the United States.
Other committee members include chief executive of Big Four firm PricewaterhouseCoopers Samuel DiPiazza, former NASD head Robert Glauber, Deloitte Touche Tohmatsu chief executive William Parrett , and former U.S. commerce secretary Donald Evans.
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