Statement of SEC Chairman Christopher Cox Regarding Today’s Circuit Court Decision
FOR IMMEDIATE RELEASE
Washington, D.C., August 22, 2008 — SEC Chairman Christopher Cox today issued the following statement regarding a decision in Free Enterprise Fund v. Public Company Accounting Oversight Board:
“The decision today of the Court of Appeals for the District of Columbia Circuit upholding the constitutionality of the Public Company Accounting Oversight Board is welcome news for the Commission, investors and U.S. capital markets.
“The creation of the PCAOB was a central feature of the Sarbanes-Oxley Act, which was enacted in part in response to repeated failures of audit effectiveness and loss of investor confidence. The Commission believes that the PCAOB is a highly effective organization whose continued existence is vital to protecting investors and furthering the public interest in the preparation of accurate and informative audit reports.”