Sarbanes-Oxley Makeover

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A blue-ribbon Capitol Hill panel yesterday rolled out a plan to keep Wall Street the world's financial center by rolling back rules that hurt small companies and sent others to list their stocks on foreign shores. Run by former Goldman Sachs President John Thornton and ex-Bush administration official and current Columbia University Business School dean Glenn Hubbard, the panel wants to replace the very structure of the nation's 74-year-old regulatory system of policing Wall Street with a flexible one modeled after London's watchdog unit, which uses broad principles to keep the markets clean. Hal Scott, the director of the group's report, told The Post that average Sarbanes-Oxley compliance fees of $4.3 million "are absolutely killing the U.S. in terms of maintaining listings dominance."

SARBOX DETOX NOW: PANEL [NY Post]

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