Massachusetts Rep. Barney Frank, who is slated to take over for the retiring Michael Oxley as head of the House Financial Services Committee if Democrats gain control of the House in tomorrow's elections, is proving Foley & Lardner attorney Tom Hartman's point.
Last week, we noted that a Financial News piece quoted Hartman as saying that the push for Sarbanes-Oxley reform would lose urgency if Democrats won control of Congress. And if Frank's recent comments in a Baseline story are accurate, Hartman was right.
Frank indicates that Congress won't move on Sarbox reform before the Securities and Exchange Commission and the Public Company Accounting Oversight Board do -- because the regulators are already working to "thin" the internal controls provisions and the accompanying auditing standard.
New guidance for those requirements is expected early next year, the story says.