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UPDATE 2-Sarbanes-Oxley changes debated at competition summit.

The America's Intelligence Wire

| March 14, 2007 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From CBS Marketwatch (Stories))

Byline: IBRAHIM BARZAK

WASHINGTON (MarketWatch) -- Key lawmakers and regulators debated the effectiveness of the Sarbanes-Oxley anti-fraud law at a summit on American competitiveness Wednesday, with no quick fix emerging about the often criticized act.

The chairman of the House Financial Services Committee said he's open to changing parts of the law, which requires costly accounting checks and has been roundly criticized by businesses for being expensive and time consuming.

If there are needed changes, Rep. Barney Frank said in a speech before the U.S. Chamber of Commerce, "we can go forward with that" in…

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