PracticeAccounting FirmsSarbanes demands Pitt’s resignation.

Sarbanes demands Pitt's resignation.

Harvey Pitt, chairman of the Securities and Exchange Commission, has faced calls for his resignation from the chief architect of the Sarbanes-Oxley Act, following the appointment of William Webster as head of the new accountancy oversight board.

Link: BP will accept Sarbanes Oxley

and Rebels to fight nomination for watchdog chairman

Senator Paul Sarbanes criticised Pitt for his selection of the 78-year old former FBI and CIA chief following a 3-2 vote, along party lines, by the SEC in favour of Webster’s appointment.

Sarbanes claimed that Pitt bowed to industry pressure not to appoint John Biggs, the former head of pension fund TIAA-CREF, damaging the reputation of the SEC as an independent body. Many accountants were worried that Biggs would tie the industry up in red tape if appointed.

Sarbanes said that the country would be best served if Pitt stepped down following what he considered a ‘dismal performance’ in appointing Webster.

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