Senate GOP Plan Erases Audit Board, Curbs SEC Oversight Fees (2)

Senate Republicans would eliminate the US audit watchdog and transfer its mission to the SEC, but prevent the Wall Street regulator from raising fees to pay for its expanded mission, according to a draft spending plan released on Friday.

The Senate Banking Committee would eliminate the Public Company Accounting Oversight Board and reassign its role regulating the work of auditors to the Securities and Exchange Commission. The proposal is similar to a bill the House narrowly passed last month.

Unlike the House measure, however, the Senate would bar the SEC from using revenue from transaction fees to pay for staff ...