“The brazen attempt by the SEC’s Democratic majority to radically alter the PCAOB raises serious questions about whether and why the Biden Administration is eroding the Board’s independence and deliberately exposing it to the ‘vicissitudes of politics,’" McHenry said. "A recent report by former SEC Chair Harvey Pitt on PCAOB governance issues may provide some answers. The SEC hired Pitt in July 2019 to assess the PCAOB’s corporate governance policies and practices and recommend changes as appropriate. Pitt’s ensuing report, which cost taxpayers $125,000, may shed light on whether reforms to the PCAOB are necessary and clarify whether the SEC has any legitimate basis for overhauling the Board’s membership, aside from the Democratic majority’s apparent partisan motives. I expect the SEC to assist the Committee’s investigation and formally authorize the report for release.”