On April 16, the Wall Street Journal reported that the Securities and Exchange Commission is currently exploring a new policy that would permit companies to resolve shareholder complaints through arbitration, presumably limiting class actions. The policy would allow companies to amend their bylaws to permit arbitration, a change which in many cases might require shareholder approval as well as amendment to current law. While the policy discussion is still in its early stages and may not result in any changes, the arbitration issue was raised by a blue-ribbon committee in November 2006 led by Harvard Law Professor Hal Scott and encouraged more recently by Treasury Secretary Henry Paulson. SEC Chairman Christopher Cox in an interview on April 13 stated cautiously “I don’t believe arbitration is a panacea.” The policy is a part of a series of initiatives discussed by the SEC designed to ease regulatory and legal burdens on U.S. companies. (Wall Street Journal, 4/16/07, p. A1)