The Republican controlled Capitol Hill brought us Sarbanes Oxley. With more and more frequency, we're hearing talk that maybe it will take Democrats to reform it. Like Nixon going to China, its possible that only a party not seen as already in bed with business will be able to muster the votes necessary to scale back the compliance-above-all culture spawned by the last round of business scandals.
Today, accurately or not, many executives equate Democrats with higher taxes, regulatory excess, and lawsuits run amok. With most pundits forecasting major Democratic gains in the Nov. 7 midterm elections, business is bracing for the worst.
It may not have to
On issues ranging from Sarbanes-Oxley rules to immigration to retirement security, business may find some unlikely allies in Democrats such as Charles B. Rangel of New York, Barney Frank of Massachusetts, and John D. Dingell of Michigan. "Should they be in charge, they're going to want to create a coalition that enables them to continue being in charge," says Jay Timmons, a senior vice-president at the National Association of Manufacturers and a longtime aide to Senator George F. Allen (R-Va.).
Who's Afraid Of Charlie Rangel? [Business Week]