Former Congressman Bill Gradison has been named acting chairman of the Public Company Accounting Oversight Board.
Gradison, an inaugural board member of the PCAOB, was named to the position by the Securities and Exchange Commission. He will replace Chairman William J. McDonough, who stepped down on Nov. 30.
"I sought a seat on this board three years ago because I knew from my own experience in the financial services field how important it is to protect investors by assuring that financial reporting is accurate and reliable," Gradison said in a statement. "My perspective on the board may be unique because during my years in business I worked not on Wall Street or K Street, but on Main Street ... primarily with small investors and smaller corporate pension funds."
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