This sounds like a result of the usual deal making and compromise in Congress. Sarbanes Oxley was passed during the Bush admin when republicans were pretty stro

This sounds like a result of the usual deal making and compromise in Congress. Sarbanes Oxley was passed during the Bush admin when republicans were pretty strong in Congress (don't remember whether there was complete republican majority at that time). In any event, the republican line was that regulation is always bad government is always bad (except for wars), and everybody can self regulate. Also, for some reason, some conservative politicians really hated the SEC and would never give it more responsibilities or funding. So this seems like an attempt to have it both ways -- have a law and have self regulation at the same time, by allowing a board of accountants to set up some rules.