NOT IN a complimentary way, many people have called him the phantom or the stealth senator. What does Paul S. Sarbanes do? Does he ever file a bill? Where's his passion?
Answers came this week in the form of Sarbanes-engineered legislation further regulating the nation's accounting industry. Though he was criticized for studying the issue too long, the bill flew out of his Senate Banking Committee on a 17-4 vote.
The accounting industry itself created some of the momentum, to be sure. Accounting giant Arthur Andersen's conviction on charges of obstructing an inquiry into the collapse of Enron Corp. must have gotten the attention of wavering senators.
But Mr. Sarbanes seems to have properly gauged the issue's longevity: Scandal rolls through corporate America. Accountants stand accused of endorsing or contriving practices that disguised the plight of companies skating on the edge of collapse. A growing number of well-known firms find themselves under scrutiny.
Pressure for congressional action had to increase. And there, having translated pressure into well-reasoned legislation, stood Senator Stealth. The wide margin of approval for his bill suggests this desperately needed legislation has a far better chance of passing the full Senate. A strong vote in favor would help to make it the dominant measure when differences between the Sarbanes measure and a weaker House version are reconciled.
The Senate bill bans accounting firms from offering many forms of consulting services to companies they audit. Why? Because big fees could persuade accounting firms to overlook bad corporate practices. Publicly traded firms would have to change accountants every five years to avoid less-than-objective relationships.
Moments like this one in Mr. Sarbanes' career showcase the Maryland Democrat's strengths. His colleagues respect the meticulous and scholarly approach he has taken to many aspects of the public's business over a long career. They regard him as a man whose grasp of complex issues makes him an institutional asset. His management of this bill demonstrates attributes of a senator content to work outside the spotlight: resolve, attention to detail and negotiating skills.
Not flashy - just indispensable in a legislative body where difficult problems and sharp partisan difference can lead to gridlock.