D.C. Circuit Upholds Key Sarbanes-Oxley Oversight Board
Friday, August 22, 2008From The Washington Post, “Appeals Court Upholds Sarbanes-Oxley Act”
A federal appeals court today upheld the Sarbanes-Oxley Act of 2002, the government’s most sweeping attempt to protect investors since Franklin D. Roosevelt’s New Deal.
The U.S. Court of Appeals for the District of Columbia Circuit rejected a challenge to the heart of the act, the creation of a nonprofit board to set auditing requirements and police the accounting firms that audit public companies.
The ruling is here.
- Statement by SEC Chairman Christopher Cox, welcoming the decision.
- Statement from Beckstead and Watts.
- Bloomberg, “Sarbanes-Oxley Audit Panel Upheld by Appeals Court“
- Competitive Enterprise Institute, Open Market blog, “Court Uses Inconsistent Reasoning to Reject Sarbanes Oxley Challenge.”
Writing in dissent, Judge Brett Kavanaugh observes: “Disputes over the scope of the President’s appointment and removal powers have arisen sporadically throughout American history. This latest chapter involving the Public Company Accounting Oversight Board is the most important separation-of-powers case regarding the President’s appointment and removal powers to reach the courts in the last 20 years.”
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