Case Detail

Free Enterprise Fund v. Public Company Accounting Oversight Board
On June 28, 2010, the U.S. Supreme Court held that Congress violated the Constitution when it established the Public Company Accounting Oversight Board (PCAOB) in a manner that permits the PCAOB to operate outside the Presidentís control. The decision was a victory for WLF, which filed a brief arguing that Congressís efforts to insulate the PCAOB from the Presidentís control violated separation-of-powers principles. The Supreme Court agreed with WLF that the Constitution prohibited Congress from establishing the PCAOB in a manner that prevents the President from having any say in the appointment and removal of PCAOB members. The Court held that the PCAOBís structure (its members can only be removed by the SEC ďfor good cause shown,Ē and removal of SEC commissioners by the President also requires good cause) takes effective control of the PCAOB away from the President who, under Article II of the Constitution, is supposed to control the entire Executive Branch of government.
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More Information and Downloads:
8/3/2009: Download the Brief
2/10/2009: Download the Brief
12/31/2007: Download the Brief
8/22/2006: Download the Brief
8/22/2006: Download the Brief

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