If the Democrats win control of one or both houses of Congress this week, what's the outlook for Sarbanes-Oxley?

In a pitch for the business vote, Massachusetts Democrat Barney Frank says Sarbanes-Oxley is already in the process of being watered down, according to news reports.

Frank, who becomes chair of the Financial Services Committee if the Democrats get up, says regulators are already doing winding it back on bipartisan orders from Congress. "I think Sarbanes-Oxley, as administered, has become too burdensome. It's possible to reduce the burden without undercutting the principle. We've asked them to do that and I think they will."

All this is in line with reports from BusinessWeek and the Washington Post could be good for business, contrary to expectations.

Still, the picture is more complicated. Big oil and pharmaceutical companies and telcos might be the losers, warns the Chicago Tribune. And the Business Law Prof blog warns that the Democrats will be big on more rules, not less, which is not good for business.

Meanwhile Frank is saying a global financial regulator might be considered to solve policy disputes on both sides of the Atlantic.

"In American baseball, if the runner and the ball arrive at the base at the same time, the tie goes to the fielder. Who breaks a tie if there is a disagreement over policy between the SEC and FSA?" Frank told the Financial Times.

Very hard to see how that's going to work, given the different legal and financial frameworks in both countries.

Besides, someone should tell Frank that baseball just isn't as big in England. It's just not cricket.