When Congress passed Sarbanes-Oxley in response to the scandals at Enron and WorldCom, who knew that the Knights of K Street would make such short work of it? Well, with the 1600 Crew looking to pay everyone back from Dobson to Disney, I guess we know the answer.

Two-and-a-half years after Congress passed the most sweeping corporate reforms since the Great Depression, trade groups are maneuvering to revise them, arguing that they are too expensive, too time-consuming and too much trouble for small businesses.

In recent weeks industry coalitions including the trade group AeA, formerly known as the American Electronics Association, and the American Bankers Association have asked their members to gather complaints about costly provisions that require them to tune-up their financial systems to help uncover fraud and mistakes. The effort is part of a broader campaign planned for this year to modify the Sarbanes-Oxley Act, passed after financial blowups at Enron Corp. and WorldCom Inc. cost investors billions of dollars and exposed serious lapses in the way companies are governed.

Mutual fund giant Fidelity Investments persuaded Sen. Judd Gregg (R-N.H.) to insert language into a conference report in November on a fast-moving spending bill, directing the Securities and Exchange Commission to justify a new rule that forces fund companies to appoint directors without ties to management. The U.S. Chamber of Commerce has hauled the SEC into court over the rule.
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Senate Banking Committee Chairman Richard C. Shelby (R-Ala.) said in an interview that he supports the mission of Sarbanes-Oxley, but that he would continue to hold oversight hearings to learn how well the law is working. If fixes need to be made, Shelby said, he will work closely with the SEC and the new oversight board for audit firms.

Gosh, Enron II the Gluttony Continues. How do we get so lucky?