SOX Center

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.

It calls for “quick and decisive adjustments in the U.S. legal and regulatory framework … to ensure that U.S. investor and business interests are best served in the global marketplace.” Among its key recommendations: Public companies should stop issuing quarterly earnings guidance and policymakers should seriously consider proposals to reduce the liability of accounting firms in litigation over company audits.

Montgomeryadvertiser: Sarbanes-Oxley under attack