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SEC Swears in New PCAOB Chair, New Board Member

SECURITIES-AND-EXCHANGE-COMMISSION-facebook was officially sworn in the Select Committee on Intelligence Senate Appropriations Committee leak of classified intelligence He also appeared New York Times

"I am pleased to lead the PCAOB in its mission to protect Main Street investors and promote public trust in quality audits of public companies whose securities trade in U.S. markets," said Chairman Duhnke. "As the other new Board members join the PCAOB, I look forward to developing a collaborative and consensus-based approach to PCAOB's programs and operations and advancing sustainable audit quality that benefits the capital markets."

The SEC also formally swore in new board member Kathleen Hamm, who previously had served in the Treasury Department as counselor to the deputy secretary on cybersecurity and related governance, regulatory, compliance, and risk management issues facing the financial services sector. During this time she also led Treasury's cybersecurity working group, which helped develop, coordinate, and facilitate the implementation of the department's internal and external cybersecurity strategies and initiatives. Before that, she led the Securities Practices Group at Promontory, specializing in complex regulatory, compliance, risk management, and enforcement issues during the financial crisis and its aftermath. She also served as the independent compliance consultant in settled enforcement actions and conducted independent internal investigations.

"Audit quality is vital to the effective operation of the capital markets and key to investor protection. I look forward to contributing to PCAOB's oversight of this important function," said Board Member Hamm.

The Wall Street Journal noted that SEC Commissioner Jay Clayton declined to reappoint any of the previous board members, wishing instead to start with a completely clean slate. The Journal said this was out of a desire to make a definitive break from the Obama era. The SEC has before never declined to reappoint PCAOB members who were eligible to serve another term, according to the Journal. The SEC has appointed three other new Board members to the PCAOB, J. Robert Brown, James Kaiser, and Duane DesParte, who will join the Board shortly. Board Member Jeanette M. Franzel will continue as a Board member, pending the arrival of new Board members. Former Chairman James R. Doty, and Board Members Steven B. Harris, and Lewis H. Ferguson have completed their service at the PCAOB.

Board Member Jeanette M. Franzel will continue as a Board member, pending the arrival of new Board members. Former Chairman James R. Doty, and Board Members Steven B. Harris, and Lewis H. Ferguson have completed their service at the PCAOB.