Last month a divided federal appeals court ruled that a regulatory board at the heart of SOX was constitutional even though the president does not appoint -- and cannot remove -- the board's members. The losing side in that ruling wants the D.C. Circuit to hear the case again. In a petition filed Friday, they claim the Public Company Accounting Oversight Board is unconstitutional because it robs the president of his appointment powers and the ability to fire bureaucrats who disagree with his policy goals.
SOX Opponents File for Rehearing by D.C. Circuit Over Regulatory Board
The American Lawyer
September 22, 2008