The court’s hearing was on the constitutionality of the Public Company Accounting Oversight Board, which was created by Congress as part of Sarbanes-Oxley to audit public companies in the wake of the dot-com financial scandals.
The board is controlled by the SEC, but the plaintiffs in this case say it should be controlled by the President.
Why should you care? If the Justices agree that the board is unconstitutional (decision expected in June), Sarbanes-Oxley may be scaled back.
Many investors worried about taking small companies public would be very happy about that. Here’s the transcript (courtesy of the Footnoted blog). Enjoy.
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