Eliot Spitzer has questioned the extent to which Sarbanes-Oxley legislation has been implemented in relation to smaller companies.
The New York Attorney General, who is a Democrat, said: "We've seen some unintended consequences from Sarbanes-Oxley. It has created an unbelievable burden for small companies and may be preventing some initial public offerings."
The legislation's Republican co-author, Michael Oxley, has said that the US Securities and Exchange Commission could consider rolling back some of its stiff internal accounting provisions, particularly for smaller firms.
Spitzer said: "We've gone too far in some respects.”
