Budd Introduces HR 5614, the ‘Public Company Accounting Oversight Board’ Transparency Act

The PCAOB has gone without Congressional oversight for too long and my legislation corrects that.

Washington D.C. – Yesterday, US Representative Ted Budd (R-NC) introduced the ‘Public Company Accounting Oversight Board’ Transparency Act or ‘PCAOB Transparency Act.’ The legislation goes hand in hand with the House Financial Services Committee’s goal of harmonizing financial regulations and increasing transparency of federal agencies.

“When Sarbanes-Oxley was signed into law in 2002, the bill was written in a way to prohibit Congress from seeing confidential information from the PCAOB. This provision could obviously allow the PCAOB to deny requests for information from the Legislative branch.  To ensure that the PCAOB follows its congressionally mandated mission, the people’s house must have full, complete, and unfettered access to PCAOB documents. The PCAOB has gone without Congressional oversight for too long and my legislation corrects that. 

“With this legislation, we are ensuring that the next director of the PCAOB will be less likely to politicize the agency. With appropriate oversight, Congress can prevent that from happening. This common sense legislation will make a differences and help the economy grow.”

Background: The language of the PCAOB Transparency Act has already passed the House under the Financial CHOICE Act (H.R. 10).  Unfortunately, the language did not make it in the Senate version of Dodd-Frank reform (S. 2155). However, I hope to work with my colleagues on both sides of the aisle and in the Senate to get this important bill signed into law.

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