---------- Forwarded message ---------- From: Christine Hall <[email protected]> Date: Thu, Jun 3, 2010 at 2:20 PM Subject: Supreme Court to Rule on Major Sarbanes-Oxley Case
Contacts: Christine Hall, 202-331-2258 John Berlau, 202-331-2272 *Supreme Court to Rule on Major Sarbanes-Oxley Case<http://click.icptrack.com/icp/relay.php?r=12883214&msgid=242628&act=KY33&c=174876&destination=http%3A%2F%2Fcei.org%2Fnews-release%2F2010%2F06%2F03%2Fsupreme-court-rule-major-sarbanes-oxley-case> * *Invalidating Law Would Ease Massive Burdens on American Companies* Washington, D.C., June 3, 2010—The U.S. Supreme Court will soon hand down a major ruling which could put much-needed constitutional limits on an agency that imposes incredibly burdensome accounting requirements on American companies. The case, *Free Enterprise Fund v. Public Company Accounting Oversight Board *, challenges the constitutionality of the Sarbanes-Oxley corporate accounting law, which since 2002 has imposed massive burdens on businesses, entrepreneurs, and investors, with costs passed along to consumers. A decision from the Supreme Court is expected imminently, possibly next week. The petitioners in the case, the nonprofit Free Enterprise Fund and the small Nevada accounting firm of Beckstead & Watts, contend that the Public Company Accounting Oversight Board (PCAOB), which was established under Sarbanes-Oxley, violates the Constitution’s Appointments and Separation of Powers Clauses. The Appointments Clause requires that important federal officials be appointed by either the President or by Cabinet heads, while PCAOB members are picked by the SEC commissioners acting collectively. CEI is acting as co-counsel in the case. CEI general counsel *Sam Kazman<http://click.icptrack.com/icp/relay.php?r=12883214&msgid=242628&act=KY33&c=174876&destination=http%3A%2F%2Fcei.org%2Fpeople%2Fsam-kazman> * stated: “The Appointments Clause may sound like a dry technicality, but the Framers realized that unless government officers are picked by individual officials, accountability is destroyed. And with the PCAOB’s destructive accounting mandates we have a prime example what happens when an agency operates without strong oversight.” Michael A. Carvin of the law firm Jones Day is lead attorney for the petitioners. “The PCAOB may have been intended to protect investors from corporate abuses, but its vastly excessive rules are injuring the ability of honest firms to raise capital, and its costs fall disproportionately on new businesses and smaller public companies,” said *John Berlau<http://click.icptrack.com/icp/relay.php?r=12883214&msgid=242628&act=KY33&c=174876&destination=http%3A%2F%2Fcei.org%2Fpeople%2Fjohn-berlau> *, Director of CEI’s Center for Investors and Entrepreneurs. Concern over the law has been bipartisan. Many Democrats, including House Speaker Nancy Pelosi (Calif.) and Sen. John Kerry (Mass.), have criticized the law's overreach, and the House passed an amendment as part of the financial reform bill to exempt smaller companies from some of the PCAOB's burdensome mandates. *Read more:* *› article: **Obama Can Aid Small Businesses by Providing Regulatory Relief*<http://click.icptrack.com/icp/relay.php?r=12883214&msgid=242628&act=KY33&c=174876&destination=http%3A%2F%2Fdailycaller.com%2F2010%2F02%2F02%2Fobama-can-aid-small-businesses-by-providing-regulatory-relief%2F%23ixzz0poXyABw0> *, by John Berlau* *› video: "**Sarbanes-Oxley, the Supreme Court, and America's Economic Future*<http://click.icptrack.com/icp/relay.php?r=12883214&msgid=242628&act=KY33&c=174876&destination=http%3A%2F%2Fwww.viddler.com%2Fexplore%2Fceivideo%2Fvideos%2F124%2F> *"* *› CEI OnPoint SOXing It To The Little Guy<http://click.icptrack.com/icp/relay.php?r=12883214&msgid=242628&act=KY33&c=174876&destination=http%3A%2F%2Fcei.org%2Fgencon%2F004%2C05954.cfm> * *› CEI OnPoint The Public Company Accounting Oversight Board: An Unconstitutional Assault on Government Accountability<http://click.icptrack.com/icp/relay.php?r=12883214&msgid=242628&act=KY33&c=174876&destination=http%3A%2F%2Fcei.org%2Fgencon%2F025%2C04873.cfm> ** * ------------------------------ *CEI is a non-profit, non-partisan public policy group dedicated to the principles of free enterprise and limited government. For more information about CEI, please visit our website, **cei.org*<http://click.icptrack.com/icp/relay.php?r=12883214&msgid=242628&act=KY33&c=174876&destination=http%3A%2F%2Fwww.cei.org%2F> *, and blogs, **Globalwarming.org *<http://click.icptrack.com/icp/relay.php?r=12883214&msgid=242628&act=KY33&c=174876&destination=http%3A%2F%2Fwww.globalwarming.org> *and **OpenMarket.org*<http://click.icptrack.com/icp/relay.php?r=12883214&msgid=242628&act=KY33&c=174876&destination=http%3A%2F%2Fwww.openmarket.org%2F> *. Follow CEI on Twitter: **Twitter.com/ceidotorg*<http://click.icptrack.com/icp/relay.php?r=12883214&msgid=242628&act=KY33&c=174876&destination=http%3A%2F%2Fwww.twitter.com%2Fceidotorg> *.* This message was sent from Christine Hall. It was sent from: Competitive Enterprise Institute, 1899 L Street NW 12th Floor, Washington, DC 20036. You can modify/update your subscription via the link below. Email Marketing by <http://www.icontact.com/a.pl/144186> [image: iContact - Try It Free!] <http://www.icontact.com/a.pl/144186> To be removed click here <http://app.icontact.com/icp/mmail-mprofile.pl?r=12883214&l=6984&s=KY33&m=242628&c=174876> <http://app.icontact.com/icp/core/message/forward?m=242628&s=12883214&c=KY33&cid=174876> -- Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more.
