SOX Center

On the heels of stronger-than-expected economic growth numbers and ahead of the Federal Reserve announcement on interest rates, President Bush on Wednesday told a Wall Street audience that a strong economy worthy of investors’ confidence requires free trade, business regulation that’s fair but not oppressive, and better transparency in terms of executive pay.

The president also commended the creation of Sarbanes-Oxley - a law passed in the wake of the Enron scandal to create more transparency in corporate accounting. But, he said, compliance with the law has proven very costly for companies and may discourage some from listing on stock exchanges.

“A strong economy rests on strong and flexible capital markets. … Excess litigation and over-regulation threaten to make our markets less attractive to investors. …. We need to change the way the law is implemented,” Bush said.

cnnMoney: Bush: Mind CEO pay, change how Sarbanes-Oxley works