On May 22, 2025, the U.S. House of Representatives passed a bill—by a razor-thin margin of 215–214—that would abolish the Public Company Accounting Oversight Board (PCAOB), the independent regulator created in the wake of the Enron and WorldCom accounting scandals to oversee the audits of public companies. If enacted, this legislation would roll back two decades of progress in financial transparency, investor protection, and audit integrity. We, the undersigned, urge the Senate to reject this reckless and politically motivated attempt to dismantle one of the cornerstones of corporate accountability.

Why This Matters to You

Whether you’re a worker saving for retirement, a young investor using an app to build wealth, or a parent managing a college fund—you depend on accurate, trustworthy financial reporting. The PCAOB ensures that the auditors of public companies are doing their job—that financial statements reflect reality, not fiction. Without it, we return to a time when massive frauds went undetected, and millions lost their savings overnight.

Facts You Should Know

The PCAOB was created by the Sarbanes-Oxley Act of 2002, with overwhelming bipartisan support, after the collapse of Enron and WorldCom exposed fatal weaknesses in U.S. corporate oversight.

The PCAOB is not taxpayer-funded. It is financed through fees from public companies and broker-dealers. Eliminating it would not reduce the federal deficit by a single cent.
The bill passed by the House would transfer the PCAOB’s responsibilities to the SEC, an agency already stretched thin and lacking the specialized focus and infrastructure to conduct robust, independent audit oversight.
The proposal to abolish the PCAOB was included as a policy rider in a broader tax bill, not as a standalone proposal. It has nothing to do with fiscal discipline—and everything to do with dismantling oversight.

Expert Warnings from the U.S. and Abroad

PCAOB Chair Erica Williams has called the plan “deeply troubling” and warned it would create “massive disruption” to investor protections and international agreements that support global audit quality.

Mark Koziel, President and CEO of the AICPA, stated that any changes to the structure of audit regulation must be “carefully considered, rather than politically driven, to avoid undermining trust in U.S. capital markets.”

Germany’s audit watchdog Apas was “baffled” by the proposal and warned it could destabilize cross-border audit oversight. As Apas noted, “This move could damage U.S. credibility on the international stage and unravel cooperation agreements that took years to build.”

Even audit partners from large firms have voiced quiet concern, noting the uncertainty and confusion that would follow a sudden dismantling of the PCAOB without a clear or effective replacement.

The Risks Are Real

Investor confidence could collapse: Trust in U.S. markets hinges on financial transparency. Weakening audit oversight risks another Enron-level event—and loss of global investor confidence.

Audit quality would suffer: PCAOB inspections have caught major deficiencies across firms of all sizes. Folding these functions into the SEC risks delayed, diluted, or inconsistent enforcement.

Global cooperation could break down: The PCAOB currently operates under bilateral agreements with over 25 countries, including China. These relationships could unravel without the PCAOB as a peer regulator.
Public accountability will decline: The PCAOB is governed by a five-member board and subject to public rulemaking, inspection reports, and enforcement actions. The SEC, by contrast, is not equipped to provide the same transparency or independence in audit oversight.

This Is Not a Reform—It’s a Power Grab

This provision is not about efficiency or savings. It’s about loosening oversight, appeasing special interests, and allowing large corporations and accounting firms to operate with less scrutiny. It’s an attempt to return to the era of self-regulation, where auditors were trusted to police themselves—and we all know how that ended.

We Urge the Senate to Do the Right Thing

We call on the United States Senate to:

• Strike the PCAOB elimination provision from the House tax bill;
• Preserve the independence and oversight structure established by Sarbanes-Oxley;
• Stand with investors, whistleblowers, and ordinary citizens—not with those who want to weaken the guardrails of capitalism.
   

Sign This Petition

Your signature tells Congress that transparency, accountability, and public trust in markets still matter. Don’t let decades of progress be undone in a single vote. Protect your savings. Protect your retirement. Protect the truth.

Because when oversight disappears, corruption grows. And when corruption grows, we all lose.