June 20, 2006 11:28AM 

# Updating “An Unnecessary, Expensive, and Probably Unconstitutional Board” 

By [William A. Niskanen](https://www.cato.org/people/william-niskanen) 

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Last week, [I wrote](https://www.cato.org/2006/06/15/an-unnecessary-expensive-and-probably-unconstitutional-board/) about the Public Company Accounting Oversight Board (PCAOB). Here’s an update:

Last week, the Securities and Exchange Commission appointed an obscure member of the Federal Reserve Board as chairman of the PCAOB, increasing his annual salary from $165,200 with the Fed to $615,000.

Again, Congress ought to use this occasion to question the purpose and structure of one of its recent creations.

##### Related Tags 

[General](https://www.cato.org/general), [Government and Politics](https://www.cato.org/government-politics) 

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