In a major separation-of-powers ruling, the U.S. Supreme Court on Monday said that members of an accounting oversight board created as part of the Sarbanes-Oxley Act were too insulated from presidential authority to be part of an accountable executive branch. The ruling represents a defeat for Solicitor General Elena Kagan, who had defended the constitutionality of the Public Company Accounting Oversight Board.
Sarbanes-Oxley Survives High Court Ruling on Accounting Board
The National Law Journal
June 29, 2010