A critic from Washington-based think tank the American Enterprise Institute has called on Congress to terminate the Public Company Accounting Oversight Board within five years and fold the oversight body into the Securities and Exchange Commission.

In his recent paper, "Rein in the Public Company Accounting Oversight Board," AEI resident fellow Peter J. Wallison, former general counsel of the U.S. Treasury Department and White House counsel to President Reagan, urged Congress to "take steps to gain control of the PCAOB."

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