Clearing a hurdle in a 3-horse race. (Editorial).

Investment News, June, 2002

The effort to reform the accounting industry is now officially a three-horse race. The Senate Banking Committee last week, to the surprise of almost everyone, passed a bill sponsored by Sen. Paul Sarbanes, D-Md., that would go a long way toward overhauling the industry. The committee's vote was surprising not so much because of the margin of victory -- 17 to 4 -- but because there was any vote at all, much less a favorable one.

Only three weeks ago, the bill's chances were extremely doubtful in the face of an all-out lobbying assault by the accounting industry and opposition from Senate Republicans led by Phil Gramm of Texas. In fact, Mr. Sarbanes was forced to make a strategic retreat, temporarily withdrawing the bill to shore up support,...

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