The U.S. Supreme Court Monday accepted an appeal by several groups that brought a constitutional challenge to the Public Company Accounting Oversight Board created by 2002 changes in federal accounting laws.
The free-enterprise groups and a Nevada accounting firm sued to stop the Securities and Exchange Commission from naming members of the accounting board, set up by Congress to oversee public-company accountants.
"In creating the board, Congress deliberately sought to test the outer boundaries of its ability to reduce presidential power," the groups said in the appeal.
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