Add the U.S. Chamber of Commerce to the list of organizations jumping on the bandwagon for Sarbanes-Oxley reform. In addition to the First Annual Capital Markets Summit -- watch the Webcast here -- and the publication of recommendations from the Chamber-sponsored Commission on the Regulation of the U.S. Capital Markets in the 21st Century, the organization is creating a new lobbying division.
The Politico reported this morning that the Center for Capital Markets Competitiveness will focus on convincing Congress to act on the Commission's recommendations. Among those recommendations: incorporating Sarbanes-Oxley into the Securities Exchange Act of 1934 so that the Securities and Exchange Commission can address Sarbox 404 implementation issues, and limiting litigation against public audit firms.
House Financial Services Committee Chairman Rep. Barney Frank took in the Capital Markets Summit, but his original attitude toward Sarbanes-Oxley reform hasn't changed. "I'm in no hurry," he told The Politico. He is not opposed to change, but wants to see how far the Securities and Exchange Commission's forthcoming changes take the reform effort before Congress steps in.
Frank's counterpart in the U.S. Senate, Banking, Housing and Urban Affairs Committee, Chair Christopher Dodd, is of like mind. He will take time to "analyze" the Commission's report and recommendations before taking action.
If their congressional colleagues are similarly uninspired, The Center for Capital Markets Competitiveness certainly has work to do.