January 10, 2011

Dodd-Frank: House Bill Introduced to Repeal the Whole Darn Thing

Last week, Michele Bachmann (R-Minn.) and 4 Republican co-sponsors introduced a bill entitled “to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act” (here is a related article). Here is analysis of why this may have been introduced and this article weighs its chances of being enacted.

Meanwhile, Rep. Darrell Issa (R-Ca.) – the new House Government Oversight Committee Chair – sent this letter to 150-plus trade associations, companies and think tanks asking them to identify burdensome laws and regulations, which eventually could form the basis for committee hearings, etc.

PCAOB Gets Three New Board Members Including Chair Jim Doty

On Friday, after a lengthy delay, the SEC appointed three new members of the PCAOB Board – that is 3 out of the 5 seats appointed in one fell swoop! Jim Doty was appointed as Chair (here is a recent interview with Jim) – and Jay Hanson and Lewis Ferguson were appointed to the Board. Jim is a lawyer and served as the SEC’s General Counsel from ’90-’92. Lew also is a lawyer and formerly was the PCAOB’s first General Counsel before going to a law firm. Jay is an accountant, leaving McGladrey & Pullen as National Director.

Bill Gradison and Charley Niemeier – two of the founding Board Members – finally retire from the Board and Acting Chair Dan Goelzer remains on the Board as a regular Member. Here is an article analyzing the appointments. And yes, the PCAOB – the regulator of audits – has three out of five Members that are lawyers – and yes, a Republican has been appointed Chair of a regulator during a Democratic Administration…

Happy Retirement John Heine

I’m torn to hear that John Heine has retired from the SEC’s Office of Public Affairs after 35 years of service. I first met John during my second tour of duty at the SEC in the mid-90s and he quickly proved one of the nicest and helpful Staffers I have ever come across. I’m sure that journalists from all over the country feel the same way. Sad for us, happy for him…

Mailed: November-December Issue of The Corporate Counsel

The November-December Issue of The Corporate Counsel includes pieces on:

– The Smaller Reporting Companies Phenomenon
– Becoming an SRC
– Scaled Disclosure
– FASB’s FAS 5 Disclosure Enhancements On Hold, But Not Necessarily Status Quo for 2010 Audits
– Convergence Will Not Obsolete FASB
– Earnings Dissemination–Staff Update
– S-3 Waiver Requests–A Kinder, Gentler Staff?
– The Compensation Risk Proxy Disclosure–Our Review of Comment Correspondence
– 10-K Items
– Shareholder Proposals

Act Now: Get this issue rushed to you by trying a “No-Risk Trial today. And since all subscriptions ended at close of 2010, renew now for 2011 if you haven’t already.

– Broc Romanek