Court upholds Sarbanes-Oxley

Was it ever going to be any different? The US Court of Appeals for the District of Columbia Circuit has upheld the constitutionality of Sarbanes-Oxley, and in particular the Public Company Accounting Oversight Board. You can read the ruling here.

The ruling is a blow to the Free Enterprise Fund which had filed suit in 2006 against the board, claiming that the way PCAOB members were appointed by the SEC violated the Constitution, which gives the president the power to make appointments with the consent of the Senate.

But with the Competitive Enterprise Institute's Open Market blog calling the ruling "illogical", you can bet this issue will not go away.


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