Summers Warns Senators About Impeding SEC Plan
SEC Chairman Arthur Levitt, last week, presented members of the Senate Banking Committee  with his plan to limit the scope of services that can be performed by auditors. Levitt was to meet with select members of the Senate this week to present his ammunition secretly and off the record.
Meanwhile, 21 senators have signed a letter indicating their desire to not rush the auditor independence guidelines through the system this fall, claiming Levitt is trying to accomplish this task before the current Congress adjourns (and before, presumably, Levitt is out of a job).
Senators have suggested that members of the Big Five accounting firms, who would be most affected by the guidelines, should attempt to reach a compromise with the SEC rather than involving Congress.