The future of Sarbanes-Oxley

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According to the Houston Chronicle, the Free Enterprise Fund filed suit in Federal court this week against the Public Company Accounting Oversight Board (PCAOB). The lawsuit seeks to revoke the authority of the board, based upon the argument that it violates the Constitution’s mandate of separation of power between the three branches of government.

Sarbanes-Oxley established PCAOB, and the filers of the suit wish to remove power from the Board. The legal team for the Free Enterprise Fund includes Kenneth Starr (of Monica Lewinsky infamy).

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