In a hotly-contested case that has been discussed here in several posts, The U.S. Supreme Court agreed to consider a constitutional challenge to the Public Company Accounting Oversight Board (PCAOB), the auditing industry’s watchdog.
The Supreme Court stated today that it will hear arguments that the 2002 Sarbanes-Oxley Act that created the PCAOB violates the constitutional provision giving the president power to appoint and supervise executive-branch officials, Bloomberg reports. The Free Enterprise Fund, which is challenging the statute, argued in its appeal that the PCAOB “constitutes a wholly unprecedented effort by Congress to eliminate the president’s control of executive officers to the maximum possible extent, short of assigning the appointment and removal power to itself.”
The Court will hear arguments during its 2009-10 term, which starts in October.
