Is the PCAOB Constitutional?
- When: March 2, 2010, 12:00 pm - 2:00 pm
- Where: Hosmer Hall - Janet M. Blumberg Hall
In 2002, Congress responded to the Enron and WorldCom collapses with the Sarbanes-Oxley Act, which created the Public Company Accounting Oversight Board (the "PCAOB"). The PCAOB is a non-profit corporation whose board members are appointed by the Securities and Exchange Commission (the "SEC"). Congress sought to insulate the PCAOB from political and accounting industry influence by imposing a unique double for-cause limitation on the President's power to remove PCAOB board members. The SEC Commissioners may remove PCAOB board members only for good cause, and the President may remove SEC Commissioners only for good cause. Hence, the PCAOB has been described as an independent agency nested within an independent agency. In Free Enterprise v. PCAOB, the Supreme Court shortly will decide whether or not the structure of the PCAOB violates separation of powers under the U.S. Constitution.
Peter L. Strauss
Betts Professor of Law, Columbia Law School
Abraham & Lillian Benton Professor of Law, Boston University School of Law
Neysun A. Mahboubi
Visiting Assistant Professor, University of Connecticut School of Law
Lunch will be served at Noon and the discussion will begin promptly at 12:15
Sponsored by The American Constitution Society and The Federalist Society at the University of Connecticut School of Law
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