CORPORATE EXECUTIVES who found the Sarbanes-Oxley Act burdensome should prepare themselves. When the Democrats officially take over Congress next year, Ohio Republican Michael Oxley is expected to hand the chairmanship of the House Financial Services Committee to Democrat Barney Frank, who in the last Congress pushed a bill that would give shareholders-not just directors-the right to approve executive compensation packages.
While Frank’s idea languished under Republican leadership-and would certainly face strong opposition if he resurrects it next year-the bill illustrates how much business legislation could change as a result of last week’s political turnaround.
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