Washington (Feb. 13, 2003) -- House lawmakers dropped an amendment proposed by California Democratic Senator Barbara Boxer, that would have capped annual salaries of the members of the Public Company Accounting Oversight Board at $400,000 -- down from a proposed $452,000.

Boxer attached the amendment to a $390 billion Senate appropriations bill.

At their first official meeting last month, members of the PCAOB voted themselves the $452,000 annual salaries, with the chairman of the oversight group’s compensation set at $560,000.

However, Boxer charged that for members to be paid more than the $400,000 salary earned by the President, "was ridiculous."

-- Electronic Accountant Newswire staff

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