Key lawmakers and regulators debated the effectiveness of the Sarbanes-Oxley anti-fraud law at a summit on American competitiveness Wednesday, with no quick fix emerging about the often criticized act.

The chairman of the House Financial Services Committee said he’s open to changing parts of the law, which requires costly accounting checks and has been roundly criticized by businesses for being expensive and time consuming.

If there are needed changes, Rep. Barney Frank said in a speech before the U.S. Chamber of Commerce, “we can go forward with that” in Congress.

But Securities and Exchange Commission Chairman Christopher Cox defended the law, saying Congress shouldn’t tinker with it.

Cox said that the SEC is working to eliminate the unnecessary costs of the law and that U.S. markets remain world leaders despite challenges from abroad.

[1] MarketWatch: Sarbanes-Oxley fix debated at competition summit