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Monday, March 12, 2007
Eternal Vigilance: Business Pushes Back Against Regulation
Business Pushes Back Against Regulation
Sunday March 11, 5:00 PM EDT
WASHINGTON (AP) — The push by business interests to ease the laws and rules laid down in response to the 2002 corporate scandals is getting a serious hearing in Washington that is giving the idea heightened visibility.
An array of companies and business leaders have been making the case that the requirements born of the crisis of corporate malfeasance are overly onerous and costly.
A high-profile committee of business, legal and academic figures put forward proposals in November to clip back corporate governance rules, class-action lawsuits against companies and auditors, and criminal prosecution of companies by the government.
A second group, formed by the U.S. Chamber of Commerce, is releasing its report and recommendations Wednesday.
The Chamber also has been waging a legal assault against what it views as excessive regulation from an overreaction to the scandals, suing the Securities and Exchange Commission over rules and scoring several victories in high courts.
"Business is putting a big push on in the final years of the Bush administration," said James Cox, a law professor at Duke University.
Some experts, including Lynn Turner, a former SEC chief accountant, have warned against a softening of the rules
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