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Transferring Public Company Accounting Oversight Board functions directly to the SEC.

This bill restructures the oversight of public company audits by transferring the independent Public Company Accounting Oversight Board (PCAOB) directly into the Securities and Exchange Commission (SEC). The change, effective in two years, aims to streamline regulatory processes and centralize authority over auditing firms, ultimately protecting investors' interests and market integrity. The new entity will be called the Office of Public Accounting Oversight.
Key points
The independent PCAOB is abolished and its functions are moved to a new Office within the SEC's Chief Accountant structure.
The SEC will gain direct control over the budget, inspections, and disciplinary procedures for registered public accounting firms.
This administrative change is designed to enhance investor protection by improving the accuracy and independence of audit reports.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_8228
Sponsor: Rep. Huizenga, Bill [R-MI-4]
Process start date: 2024-05-02
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Streamlining Public Company Accounting Oversight Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_8228.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-05-02.

What are the main provisions?

Key points include:

  • The independent PCAOB is abolished and its functions are moved to a new Office within the SEC's Chief Accountant structure.
  • The SEC will gain direct control over the budget, inspections, and disciplinary procedures for registered public accounting firms.
  • This administrative change is designed to enhance investor protection by improving the accuracy and independence of audit reports.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Huizenga, Bill [R-MI-4].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy Courts and Law