Oversight Board Salaries Targeted
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Outraged at what she called the “exorbitant” $452,000 salaries of the new Public Company Accounting Oversight Board, Sen. Barbara Boxer (D-Calif.) introduced an amendment adopted by the Senate to bar federal employees from making more than the president’s $400,000 salary.
But the amendment, even if approved by the House, apparently would have no practical effect because it applies only to fiscal 2003, ending Oct. 1. Even at full pay, PCAOB members would earn less than $400,000 in their truncated first year. Moreover, the amendment wouldn’t affect the board in the future because after this year, the PCAOB will be financed through industry fees.
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