Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Seven former chairmen of the Securities and Exchange Commission have banded together to support the constitutionality of the Public Company Accounting Oversight Board. The group, led by Roderick Hills, SEC chairman from 1975 to 1977 and now with D.C.-based Hills, Stern & Morley, filed a friend-of-the-court brief last week opposing a suit challenging the board’s creation. The suit, filed in February in the U.S. District Court for the District of Columbia by conservative think tank the Free Enterprise Fund and Nevada accounting firm Beckstead and Watts, argues that the provisions of the Sarbanes-Oxley Act that established the board violate the appointments clause of the Constitution and separation-of-powers principles. The group of former SEC chairmen, which includes Arthur Levitt, Jr., Harvey Pitt, and William Donaldson, hired Richard Pildes, a constitutional-law scholar at New York University School of Law, to write the brief, Hills says. The next hearing in the case is expected to come in late October, says Michael Carvin, a partner in Jones Day’s D.C. office who is arguing the case on behalf of the Free Enterprise Fund.
Alexia Garamfalvi can be contacted at [email protected].

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]


ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.