FEF v. PCAOB: The Federal Government Steps In

In June 2006, the Federal Government filed a statement of interest in the FEF v. PCAOB suit. The Government claims its interest lies in upholding the integrity of a regulatory review system that has been approved by Congress. Not surprisingly, the Government takes a position very similar to the board established by federal legislation, arguing that the plaintiffs are attempting to circumvent the administrative and judicial review procedures that securities legislation has already set in place. The Government equated the PCAOB to a Self Regulating Organization (such as the National Association of Securities Dealers), which falls under the purview of the SEC. United States statement of interest