Today, Congressman Bill Huizenga (MI-02), Ranking Member of the Investor Protection, Entrepreneurship and Capital Markets Subcommittee, announced the introduction of the Streamlining Public Company Accounting Oversight Act.
This bill amends Sarbanes-Oxley by moving the Public Company Accounting Oversight Board (PCAOB) under the authority of the Securities and Exchange Commission’s (SEC) Office of the Chief Accountant. The legislation establishes the Office of Public Company Accounting Oversight at the SEC and details its responsibilities like inspections of registered public accounting firms and investigations which mirror the responsibilities of the PCAOB. The legislation also dissolves the PCAOB within 2 years of enactment.
“This bill codifies into law what Chairman Gensler admitted during today’s Financial Services Committee Hearing,” said Congressman Bill Huizenga. “The PCAOB is not an independent body. If the PCAOB is not going to operate independently, then it should be folded into the SEC. The Streamlining Public Company Accounting Oversight Act will eliminate bureaucracy, make government more efficient by eliminating redundancy, and save money.”
Currently, the PCAOB is made up of five board members earning nearly $550,000 per member with the board chair earning $670,000. By comparison, the PCAOB Chair as well as the PCAOB board members are paid over three times the reported salary of the SEC Chairman. By simply eliminating bureaucracy this legislation can save money and reduce the size of government.
Original source can be found here.
