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Senate Throws Cold Water on Trump’s PCAOB Plan
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Subscribe23 JUN 2025 / PCAOB UPDATES
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The U.S. Senate has thwarted an attempt to dissolve the Public Company Accounting Oversight Board (PCAOB), an agency that oversees corporate auditors, based on the the Byrd Rule which prohibits non-budgetary items being included in budget reconciliation bills. This move followed a proposal by the Trump administration to merge the PCAOB with the SEC as part of a plan to reduce regulations for public companies, but as the PCAOB doesn't rely on taxpayer funding, critics considered the move an effort to weaken financial accountability.
The idea of axing the PCAOB—yes, the same agency that keeps corporate auditors in check—just hit a wall in the U.S. Senate. And not a soft, drywall kind of wall. Think brick, concrete, and Senate Rule XXII. For those unfamiliar with Senate procedure, Rule...
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