NEW YORK, Sept. 12 (UPI) -- U.S. business and financial leaders have formed a coalition to push for a reworking of the Sarbanes-Oxley disclosure law.
The Committee on Capital Markets Regulation, which was to be introduced Tuesday, is jointly led by former White House economic adviser Glenn Hubbard and former Goldman Sachs President John Thornton, The Wall Street Journal said.
The panel will recommend changes by the end of November to the 2002 law and other laws and regulations that hinder the competitiveness of U.S. capital markets.
The newspaper said the group is working closely with the new Treasury secretary, former Goldman Sachs leader Henry Paulson.
The group's effort is the latest to attempt to deal with a law that many business and financial experts say is driving business from the United States: Nine of the 10 largest initial public offerings this year, and 24 of the 25 largest last year, were done in overseas markets.
By contrast, nearly all such IPOs in the 1990s were made in U.S. financial markets.