The Public Company Accounting Oversight Board (PCAOB) was created as part of a series of accounting reforms in the Sarbanes–Oxley Act of 2002. The PCAOB is a governmentally created entity with...

The Public Company Accounting Oversight Board (PCAOB) was created as part of a series of accounting reforms in the Sarbanes–Oxley Act of 2002. The PCAOB is a governmentally created entity with expansive powers to regulate the entire accounting industry. Every accounting firm that audits public companies under the securities laws must register with the PCAOB, pay it an annual fee, and comply with its rules and oversight. The PCAOB may inspect registered firms, initiate formal investigations, and impose sanctions in its disciplinary proceedings. Although the Securities and Exchange Commission (SEC) appoints PCAOB members and has oversight of the PCAOB, it cannot remove PCAOB members at will, but only “for good cause shown” and “in accordance with” specified procedures. The SEC Commissioners, in turn, cannot themselves be removed by the President except for “inefficiency, neglect of duty, or malfeasance in office.” Parties with standing have challenged in a U.S. District Court the constitutionality of the Sarbanes-Oxley Act’s creation of the PCAOB because it conferred executive power on PCAOB members without subjecting them to presidential control. What should the court decide? Explain