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On June 28, 2010, the Supreme Court announced its decision in Free Enterprise Fund v. Public Company Accounting Oversight Board. The question in this case was whether provisions of the Sarbanes-Oxley Act, which established the Public Company Accounting Oversight Board, violate the separation of powers doctrine, the Appointments Clause, or both.

In a 5-4 opinion delivered by Chief Justice Roberts, the Court, among other things, held that 1) the dual for-cause limitations on the removal of Public Company Accounting Oversight Board members contravene the Constitution's vesting of "the executive power" in the President; 2) the removal provisions are severable from the rest of the statute; and 3) the Board’s appointment is consistent with the Appointments Clause.

To discuss the case, we have Northwestern University George C. Dix Professor of Law Steven G. Calabresi.

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