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Lawmakers warn disbanding PCAOB could jeopardize foreign inspections, investor protections
Summary
Members debated provisions affecting the Public Company Accounting Oversight Board and its funding mechanism. Democrats said preserving PCAOB’s independent inspection authority — particularly for auditors in China — is necessary to protect investors and maintain confidence in U.S. markets.
A recurring topic in the committee’s reconciliation markup was oversight of auditors and the future of the Public Company Accounting Oversight Board (PCAOB). Democrats and some Republicans warned that disbanding the PCAOB or transferring its functions to the Securities and Exchange Commission could undermine inspection regimes — especially access to auditors in foreign jurisdictions — and weaken investor protections without delivering meaningful savings.
Representative Maxine Waters and others emphasized the PCAOB’s international inspection work and said an abrupt transfer of responsibility to the SEC would create gaps in oversight. Waters said rescinding the board’s fee‑based funding and…
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