D.C. Circuit Upholds Key Sarbanes-Oxley Oversight Board

By August 22, 2008Briefly Legal

From 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.

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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