In a decision today , the Supreme Court declared the legal structure of the Sarbanes-Oxley enforcement body the Public Company Accounting Oversight Board (PCAOB) unconstitutional on separation of powers grounds, because its members are two layers away from direct presidential authority. The president, you see, can order around or remove members of the Securities and Exchange Commission (SEC) (though only for good cause, though the dissent in the case argues that might not be factually true)
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Supreme Court Sarbanes-Oxley Decision: You Can’t Keep An Executive Branch Board Two Layers from the President
