House GOP fights corporate reforms

July 17 — House GOP leaders, risking a backlash from a disgruntled public and many of their own members, will fight some of the Senate’s proposed restrictions on fraudulent accounting practices that have rocked Wall Street and frightened investors, key legislators said yesterday.

ONE DAY AFTER the Senate unanimously passed a broad overhaul of corporate and securities laws, top House Republicans said they will try to delay, and likely dilute, some of the proposed changes.
“The Senate bill is not a good bill and has major flaws,” said Rep. Michael G. Oxley (R-Ohio), who is chairman of the Financial Services Committee and will represent House Republicans in final negotiations over the legislation. “Everything is going to be on the table.”
As the stock market dipped lower yesterday, hopes for swift enactment of new accounting laws appeared jeopardized by the decision of House Speaker J. Dennis Hastert (R-Ill.) to reject the Senate bill.