DC Court Upholds Constitutionality of SOX
August 25, 2008
As first reported in the SoxFirst blog today. The US Court of Appeals for the District of Columbia Circuit has upheld the constitutionality of Sarbanes-Oxley, and in particular the Public Company Accounting Oversight Board.
The opinion is in response to the appeal filed in 2006 by the Free Enterprise Fund which claimed that the manner of appointing the PCAOB members by the SEC violated the Constitution, because it gives the president the power to make appointments with the consent of the Senate.
The Competitive Enterprise Institute’s Open Market blog called the ruling “illogical”.
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