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Constitutional Law Keyed to Maggs
Free Enterprise Fund v. Public Company Accounting Oversight Board
Citation:561 U.S. 477 (2010)
The Sarbanes Oxley Act of 2002 created a new five-member “Public Company Accounting Oversight Board” to supervise the accounting industry. The board has five members, appointed to 5-year terms by the Securities and Exchange Commission. The Board has the power to enforce the Act, the rules of the Board, and provisions of the securities laws relating to the preparation and issuance of audit credits and obligations and liabilities of accountants. The SEC has supervisory authority over the Board’s functions, but can remove Board members only for good cause shown. The Commissioners who make up the SEC have similar protection for their positions. The Court has held that Congress can, under certain circumstances, create independent agencies run by principal officers appointed by the President, whom the President may not remove at all but only for good cause.
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