The Supreme Court has agreed to hear a challenge to the Sarbanes-Oxley Act (SOX), the 2002 act that established
the Public Company Accounting Oversight Board. Congress passed SOX in response to several high-profile instances of accounting fraud earlier this decade, most notably the Enron collapse.
The board monitors the accounting industry, especially the four largest accounting firms that handle the books for many of the most prominent corporations. The Securities and Exchange Commission chooses the board's members, with consultation by the Fed and the Treasury Department.
The technology industry is up in arms over President Barack Obama's plans to roll back some of the tax protections for companies that enjoy the benefit of lower tax rates on profits earned outside the United States.
Tech giants Hewlett-Packard Co., IBM Corp., Cisco Systems Inc., Microsoft Corp. and Google Inc. each saved more than $1 billion through lower foreign tax rates last year, for a total tax benefit of $7.4 billion.