SCOTUS: Part of Sarbanes-Oxley Unconstitutional

The Supreme Court has ruled in a 5-4 decision that part of the anti-fraud Sarbanes-Oxley law, which was written partly in response to the Enron accounting scandal, is unconstitutional:

The justices, in a 5-4 vote, said that the Sarbanes-Oxley law enacted in 2002 violates the Constitution’s mandate on the separation of powers. The court said the president must be able to remove members of a board that was created to tighten oversight of internal corporate controls and outside auditors. Associate Justice Stephen G. Breyer filed a dissent.

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