NEW YORK (CNN) - The Conference Board's Blue Ribbon Commission on Public Trust took an important first step today.... calling for more disclosure, restrictions on executive stock sales, the expensing of stock options, and more responsible governance. They deserve great credit.

The Commission is made up of some of the country's most distinguished business leaders, including Pete Peterson, Ralph Larsen, John Bogle and John Snow. And their recommendations will carry great weight in the public debate over corporate governance, especially on the issue of expensing stock options. One of the commission's members, Andy Grove of Intel, continues to dissent on the expensing of stock options... and it's understandable why. The technology industry's earnings would be cut by 70 percent if they expensed options. It's tempting to say to Andy Grove, and others lobbying against uniform treatment of options, too bad. In fact, it's not only tempting... it's the right answer. Too bad, Andy. We tried it your way, and it hasn't worked... it's time to reform, and frankly the technology industry needs to join the real world. But not only the technology industry and the venture funds that support them, but also the leading business organizations in the country.

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The Chamber of Commerce is still fighting the expensing of options, so is the Business Roundtable. It's time to give up the fight... and start leading on this issue. Or as the Conference Board fears, Washington will legislate. It's time for business in this country to decide which they fear most: Washington legislation, honest reform or total collapse of confidence in corporate America and the markets. And it's past time to stand up.