The Securities and Exchange Commission said it may review the Sarbanes-Oxley Act passed in 2002 by the Senate in an attempt to make it more effective.

The SEC chairman William Donaldson in his testimony to a House panel on Thursday said he will seek for ways to make the Act that was fiercely blocked by the corporations more «efficient and effective.»

"We expect that the short-term costs to improve internal control over financial reporting will over the long term result in structurally sounder corporate practices and more reliable financial reporting," he said to the House Financial Services Committee.

The law was passed by the Senate in 2002 resulting from the accounting scandals of Enron and WorldCom.
Earlier, the Securities and Exchange Commission passed Regulation NMS aimed at ensuring investors they could get the best price for a stock trade wherever it is executed.

"I would be very disappointed if we didn’t find some things we could do," said Donaldson about the changes to the law.