Paul Krugman points out that the Repubs are already undercutting accounting reform.

By the way, do you remember when accounting reform was something we cared about? Oh yeah, that was before Bush decided we needed to go to war with Iraq right this very minute.

Fool Me Once
The Sarbanes-Oxley Act created the new board to replace the accounting industry's previous, spectacularly ineffectual self-regulation. Since the purpose of the board is to restore investor confidence, it's crucial that its head be someone forceful, with unquestioned integrity. The job was first offered to Paul Volcker, the former chairman of the Federal Reserve. When Mr. Volcker turned it down, the focus shifted to John Biggs, head of the T.I.A.A.-CREF pension fund and a strong advocate of reform. Indeed, some news reports indicate that Mr. Biggs believed that he had been offered the job, and had already been making arrangements to retire early from T.I.A.A.- CREF.

But apparently it is not to be. Let me just quote The Wall Street Journal on this: "The big accounting firms won't dare speak on the record. . . . All signs suggest they're working instead through Republicans in Congress, specifically Ohio's Mike Oxley. . . . They don't want pension fund chief John Biggs to lead the new accounting board because they fear he might actually force the industry to shape up." What The Journal doesn't point out is the obvious: The accounting industry may have a lot of clout, but this wouldn't matter if the White House made it clear that the S.E.C. must choose an independent board. There's only one possible conclusion: The administration doesn't really want corporate reform.