According to BNA, in a 3/2/06 letter to the SEC, Reps. Oxley and Baker stated that in their view the SEC does have the authority under both Section 36(a) of the Exchange Act and Section 3(a) of SOX to exempt small companies from SOX 404 (see my post on this argument here). I guess that settles it. Maybe this week theyâ€™ll write a letter stating that PCAOB does not violate the Appointments Clause of the Constitution.
Update: Reuters has more details on the letter here.
Update 2:Â Click here for the letter.