THIS morning the United States Supreme Court produced a pleasingly narrow ruling on Sarbanes-Oxley.
The Free Enterprise Fund, a free-market pressure group, had filed a lawsuit claiming that SOX violates the Constitution's separation-of-powers mandate. The problem is that the legislation, passed in the wake of the Enron and WorldCom scandals, creates a body that regulates the accounting industry, the Public Company Accounting Oversight Board (PCAOB), but does not give the president power to appoint the members of the body.
See full Article.
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