Kanjorski Introduces Bill To Close Madoff Loophole

Law360, New York (March 2, 2009, 12:00 AM EST) -- Rep. Paul Kanjorski, D-Pa., has introduced a bill that would give the Public Company Accounting Oversight Board authority to inspect and discipline the auditors of all broker-dealers — not just public broker-dealers — which the congressman said would close a loophole that helped accused fraudster Bernard Madoff avoid detection.

Kanjorski, chairman of the House financial services subcommittee on capital markets, insurance and government sponsored enterprises, introduced the legislation Thursday. The bill, H.R. 1212, would amend the Sarbanes Oxley-Act of 2002, broadening the PCAOB's power to cover...
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