WASHINGTON, May 25: The top US securities regulator, under pressure to take charge of Washington’s policy response to the Enron debacle as time runs out for lawmakers to act, said on Friday he wanted to set up a new panel to oversee accountants by the end of the year.

The new time frame announced by Securities and Exchange Commission Chairman Harvey Pitt comes as US lawmakers are still debating proposals for the shape of the panel and when it would be in place.

“If legislation is enacted, we will, of course, recede,” Pitt said. “But, if final legislation is not forthcoming, we want to be in a position to commence new regulatory system before year-end.”

Congress stalled on accounting reforms this week when Senate Republicans, allied with the powerful accounting lobby, put the brakes on banking committee consideration of a package of proposals from Maryland Democrat Paul Sarbanes.

Rep Michael Oxley has pushed a bill through the House of Representatives that would create a new oversight board for accountants, crack down on auditors and insider stock sales, and nearly double the SEC budget.—Reuters