Monday, I wrote that the U.S. Court of Appeals for the District of Columbia Circuit dismissed the case challenging the constitutionality of the Public Company Accounting Oversight Board. The decision means that Sarbanes-Oxley supporters can rest easy -- for a time, at least. The Free Enterprise Fund plans to appeal the decision, which means the U.S. Supreme Court will have to decide whether to hear the case.
Editorial writers at The New York Sun not only think the high court will take the case, they are also of the opinion that the Supreme Court will disagree with the D.C. Circuit and the PCAOB will be no more. DealBreaker.com's John Carney agrees. He says:
Perhaps the most ominous sign for the PCAOB is the fact that Judge Kavanaugh [who wrote the dissenting opinion] clerked for Supreme Court Justice Anthony Kennedy, who would probably hold the swing vote if the case went to the Supreme Court. His dissenting opinion seems tailor-made to provoke the conservative wing of the court into striking down the board.