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Official - Subject to Final Review
IN THE SUPREME COURT OF THE UNITED STATES- - - - - - - - - - - - - - - - - xFREE ENTERPRISE FUND AND :BECKSTEAD AND WATTS, LLP, :Petitioners :v. : No. 08-861PUBLIC COMPANY :ACCOUNTING OVERSIGHT :BOARD. :- - - - - - - - - - - - - - - - - xWashington, D.C.Monday, December 7, 2009The above-entitled matter came on for oralargument before the Supreme Court of the United Statesat 10:03 a.m.APPEARANCES:MICHAEL A. CARVIN, ESQ., Washington, D.C.; on behalf ofthe Petitioners.GEN. ELENA KAGAN, ESQ., Solicitor General, Department ofJustice, Washington, D.C.; on behalf of theRespondent United States.JEFFREY A. LAMKEN, ESQ., Washington, D.C.; on behalf ofthe Respondents Public Company Accounting Board, etal.1
Alderson Reporting Company
 
 
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Official - Subject to Final Review
C O N T E N T SORAL ARGUMENT OF PAGEMICHAEL A. CARVIN, ESQ.On behalf of the Petitioners 3
GEN. ELENA KAGAN, ESQ.
On behalf of the Respondent United States 30
JEFFREY A. LAMKEN, ESQ.
On behalf of the Respondents Public Company
Accounting Oversight Board, et al. 52
REBUTTAL ARGUMENT OF
MICHAEL A. CARVIN, ESQ.
On behalf of the Petitioners 64
2
Alderson Reporting Company
 
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Official - Subject to Final Review
P R O C E E D I N G S(10:03 a.m.)CHIEF JUSTICE ROBERTS: We will hearargument first this morning in Case 08-861, FreeEnterprise Fund and Beckstead and Watts v. The PublicCompany Accounting Oversight Board.Mr. Carvin.ORAL ARGUMENT OF MICHAEL A. CARVINON BEHALF OF THE PETITIONERSMR. CARVIN: Mr. Chief Justice, and may itplease the Court:The board is unique among Federal regulatoryagencies in that the President can neither appoint norremove its members, nor does he have any ability todesignate the chairman or review the work product, so heis stripped of the traditional means of control that hehas over the traditional independent agencies.On the other side of the balancing test,Congress provided no reason for stripping him of thesetraditional means of control.JUSTICE GINSBURG: Why do you call it anindependent regulatory agency? I mean, Congress wantedit to be independent of the profession. That much isclear. It didn't want it to be independent of the SEC,so why are you characterizing it as an independent3
Alderson Reporting Company
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