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NY Times on future reforms



The New York Times article has some remarkable good news: the Bush administration is looking into sweeping moves to reform securities law, including paring Sarbanes-Oxley (Mar. 6); limiting the aggressiveness of the Thompson memo; federal limits on overzealous state attorneys general; and, notably, ending the judicially-created civil enforcement of 10b-5, which has led mostly to strike-suit mischief and left-pocket-to-right-pocket wealth transfers taxed by attorneys (e.g., Jun. 26). But the headline tells it all: "Businesses Seek New Protection on Legal Front." As even the left-leaning Slate notes, "The story has the usual he said-she said, with several experts pointing out that scaling back regulations would be a mistake. But what it lacks is a good analysis of Sarbanes-Oxley's effect on business and the economy. While it may be tempting to toss this all off as the Bush administration seeking to help out buddies in the business world, there's a lot more at stake here." That analysis is present in the Wall Street Journal, where Glenn Hubbard and Brookings Institute chair John Thornton discuss rationalizing securities regulation.

Update, Oct. 31: See also Larry Ribstein today.

 

 


Isaac Gorodetski
Project Manager,
Center for Legal Policy at the
Manhattan Institute
igorodetski@manhattan-institute.org

Katherine Lazarski
Press Officer,
Manhattan Institute
klazarski@manhattan-institute.org

 

Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.