PCAOB Constitutional But Still Not Subject to the FOIA

This week, the Supreme Court ruled that the Public Company Accounting Oversight Board ("PCAOB"), the entity Congress created in Sarbanes-Oxley to regulate Public Accounting, was constitutional-- but only if the SEC could fire its members at will.

Bloomberg's Jonathan Weil writes that the PCAOB should be gutted.  He states that Congress should "[c]reate a foundation independent of the accounting industry to oversee a new private-sector board that would set U.S. auditing standards" with the "the PCAOB’s other units [being put] inside the SEC."

One of the reasons Weil makes this suggestion is that the PCAOB is not subject to any open government, including the FOIA.  While I have no idea what Congress should ultimately do in regulating public accounting, whatever entity is left standing should be subject to the FOIA and all other aspects of open government.