The White House would transfer the authority of the Public Company Accounting Oversight Board to the SEC by 2022 in order to eliminate duplication between the two regulators and “reduce regulatory ambiguity,” it said in the budget released Monday.
The administration estimates eliminating the board would save an estimated $580 million over nine years. Public companies and registered broker-dealers pay support fees that fund the board and its operations. In 2020, the board is working with an operating budget of $284.7 million.
‘Enforcement 40’ for 2020
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