People have been talking about changing or doing away with Sarbanes-Oxley since it became law four years ago. Many have even attempted to turn that talk into action, either within the regulatory framework -- by proposing new Securities and Exchange Commission rules -- or with new legislation.
So far, nothing concrete has come of these efforts. If what we've read recently is any indication, however, reform will come sooner rather than later.
The catalyst will be none other than U.S. Treasury Secretary Henry Paulson, according to a New York Post piece. He's publicly lending his support -- not to mention the influence that comes with his position -- to efforts aimed at cutting compliance costs and making the whole process simpler.
One lobbyist quoted in the story says people always listen when Paulson speaks, and he's gathered a roster of big name allies to boot, including Alan Greenspan and former SEC chief Harvey Pitt.
As we see it, even if Paulson can't push the changes through, at least he's bringing more attention to the subject and continuing what many call "a much needed discussion."