The Republican Party plans to eliminate the PCAOB, the auditing regulatory body in the United States.

[Republican Plan to Abolish PCAOB] According to the Financial Times, late Friday local time, the leadership of the U.S. House Financial Services Committee announced a proposal to eliminate the independent Public Company Accounting Oversight Board (PCAOB), which is intended to be included in a large tax and spending bill currently under consideration by Congress. Under the legislative proposal, a tax levied on public companies and broker-dealers to fund the PCAOB will be eliminated, and the agency’s responsibilities will be merged into the SEC. ( Jin10 )