The Free Enterprise Fund’s challenge to the constitutionality of the PCAOB (Public Company Accounting Oversight Board) created by Sarbanes Oxley was denied by a US Court of Appeals today. There was one dissenting judge.

Judge Brett Kavanaugh dissented, writing that it was “the most important separation-of-powers case regarding the president’s appointment and removal powers to reach the courts in the last 20 years.”

The PCAOB’s structure “unconstitutionally restricts the president’s appointment and removal powers,” Kavanaugh wrote.

An appeal to the Supreme Court can be expected.