By Brandon Moseley
Alabama Political Reporter
Tuesday, U.S. Sen. Richard Shelby, R-Ala., made a statement supporting the Securities and Exchange Commission’s appointment of William D. Duhnke III to be chairman of the Public Company Accounting Oversight Board.
“Chairman Clayton has made an excellent choice in selecting Bill Duhnke to be the next chairman of the PCAOB,” said Sen. Shelby. “His intellect and experience ensure his future success in this role. I have relied on Bill’s professional advice and leadership for 20 years, and I know he will be an asset as the Board works to improve audit quality and promote public trust.”
“I greatly appreciate the confidence of Chairman Clayton and the Commissioners. I look forward to working with them, the Office of the Chief Accountant, and my fellow Board members to protect investors and the public interest by promoting informative, accurate, and independent audit reports,” Mr. Duhnke said.
Mr. Duhnke is currently the staff director and general counsel for the U.S. Senate Committee on Rules and Administration, which is chaired by Sen. Shelby. He previously served as staff director and general counsel for the Senate Committee on Banking, Housing and Urban Affairs when it was chaired by Shelby. Prior to joining Sen. Shelby’s personal office in 1995, Mr. Duhnke served in the U.S. Navy and the Commission on the Assignment of Women in the Armed Forces. He has a law degree from Catholic University and a bachelor’s degree from the University of Wisconsin.
The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies. Additionally, the PCAOB oversees the audits of brokers and dealers, including compliance reports filed pursuant to federal securities and laws, to promote investor protection. The five members of the PCAOB Board, including the chairman, are appointed to staggered five-year terms by the SEC, after consultation with the chair of the Board of Governors of the Federal Reserve System and the secretary of the Treasury.
According to original reporting by Bloomberg, Duhnke’s new post is seen as one of the most attractive regulatory roles in Washington because it pays more than $670,000 per year. The president is paid just $400,000, by comparison. It is believed that Duhnke would promote a pro-business agenda. Duhnke replaces James Doty as PCAOB chairman.
Shelby has served the people of Alabama since his election in 1986 in the U.S. Congress. Prior to that, Shelby served in the U.S. House of Representatives and in the Alabama Senate.
Richard Shelby lives in Tuscaloosa.
The SEC is chaired by Jay Clayton.