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Republicans vote to eliminate PCAOB, reduce CFPB funding

Erica Williams, Chair PCAOB
Erica Williams has expressed concern.

Republicans want the SEC to assume diminished audit oversight functions, but that might be too much for the agency to handle.

Republican members of the House Financial Services Committee voted along party lines to advance legislation that would dismantle the Public Company Accounting Oversight Board (PCAOB), and transfer its responsibilities to the SEC.

That came alongside another vote to reduce the funding of the Consumer Finance Protection Bureau (CFPB), which has