Senator Chuck Schumer (D-N.Y.) said his first strategy in reform of the Sarbanes-Oxley law will be to “do it administratively” without an act of Congress. Schumer, who laid out no timetable for changes to the law, said both Christopher Cox, chairman of the Securities and Exchange Commission, and U.S. Treasury Secretary Hank Paulson have seen copies of a McKinsey study on sustaining New York’s and the U.S.’s financial services leadership and support it. Schumer said the White House also appears to be supportive of the effort to make compliance of landmark Sarbanes-Oxley rules less costly for small companies, if an act of Congress and a presidential OK are needed to implement changes.

[1] Marketwatch: Schumer to push for administrative changes of SOX law