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Securities and Exchange Commission Chairman Christopher Cox told the largest U.S. business lobby he opposes weakening the Sarbanes-Oxley Act, rejecting the group’s claim that the law has made the nation’s financial markets less competitive.

“We don’t need to change the law,'’ Cox said today at a Washington summit hosted by the U.S. Chamber of Commerce. “We need to change the way it is implemented.'’

Business groups say U.S. laws and regulations need to be revised for the country to maintain its financial dominance. The Chamber advised in a report this week that Congress hand off oversight of Sarbanes-Oxley to the SEC, where it would be easier for regulators to adapt it to “evolving market circumstances.'’

“I want to state clearly this morning that I disagree'’ with the Chamber’s recommendation, Cox said in his first public rebuttal of the business group’s report. “Remember where we were and what happened. We needed decisive action, and Sarbanes-Oxley delivered'’ after accounting frauds eroded investor confidence, he said.

Bloomberg:.com: SEC’s Cox Says He Opposes Weakening Sarbanes-Oxley (Update5)