The Post reported today that a variety of trade groups are attempting to roll back many provisions of the Sarbanes-Oxley Act, which was enacted after a series of corporate scandals were exposed.

Some of the provisions under attack include requiring companies to count stock options as expenses, and for mutual funds to appoint directors without ties to management. The groups affected argue that the rules unfairly penalize small businesses, while those backing the existing law maintain they are necessary to keep the system clean.

The makeup of the SEC, with five members, is expected to change this year, with Commissioner Harvey Goldschmid retiring and Roel Campos's term expiring in June. The current chairman, William Donaldson, had indicated he will remain at the helm for at least one more year. Any changes could alter the approach of the SEC drastically, as many votes have been split 3-2 over the past few years.