Rep. Barney Frank (D-Mass.) yesterday held out an olive branch to business interests, announcing that he would be open to cooperating on trade, immigration and outsourcing if industry gave ground on union drives, health-care reforms and minimum-wage proposals.

At a briefing to introduce his legislative agenda, Frank, the incoming chairman of the House Financial Services Committee, addressed several hot-button issues, including a mounting push by business interests to slash what they consider burdensome regulations.

The lawmaker said he had met with leaders of the Securities and Exchange Commission and an accounting industry oversight board to urge them to give businesses some relief from a costly audit rule prescribed by the 2002 Sarbanes-Oxley law. Over the next two weeks, the agencies are set to present proposed changes to the rule, which requires that auditors review corporate financial controls to prevent fraud and mistakes.

[1] washingtonpost.com: Frank Offers Compromise to Business