Wall Street is closely monitoring the GOP megabill, which includes proposals to eliminate the accounting-firm watchdog, the Public Company Accounting Oversight Board (PCAOB). This legislation aims to rein in Obama-era consumer protections, drawing both support and criticism.
The bill reflects Republican efforts to reshape financial regulations by scrapping the PCAOB, an audit regulator established post-Enron scandal. House Republicans argue that such measures are necessary to reduce regulatory burdens, while opponents warn of potential risks to investor protection and market integrity.
This legislative push is part of a broader strategy by GOP lawmakers to roll back regulations they consider excessive, signaling a significant shift in financial oversight if passed.
— new from Politico