Sarbanes: SEC "Needs to Move Quickly" on PCAOB

 

Washington (Oct. 11, 2002) -- Senate Banking committee chairman Paul S. Sarbanes said the Securities and Exchange Commission needs to move quickly to select members of the mandated Public Company Accounting Oversight Board.

 

The Maryland Democrat commented that the SEC's process of naming five members to the board "seems to be in disarray." In a statement, Sarbanes said he had not commented publicly about the board to avoid putting political pressure on the SEC.

 

As mandated in the Sarbanes-Oxley reform bill, the members of the PCAOB must be selected by Oct. 28. Meanwhile, Sarbanes' Democratic colleagues have again turned up the heat to prompt SEC chairman Harvey Pitt to resign, citing Pitt's wavering support for TIAA-CREF chairman John Biggs to head the oversight board.

 

-- Electronic Accountant Newswire staff

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