| FOR IMMEDIATE RELEASE: | CONTACT: |
| Tuesday, April 15, 2003 | Jesse Jacobs - 202-224-4524 |
SARBANES COMMENDS SELECTION OF WILLIAM MCDONOUGH
AS NEW CHAIRMAN OF PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD
Senator Paul S. Sarbanes (D-MD), the Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, commended the selection of William McDonough as the new Chairman of the Public Company Accounting Oversight Board (PCAOB):
"William McDonough is a man of proven ability and integrity with a record of firm and fair leadership in both the public and private sectors.
"The PCAOB faces tough challenges in implementing the investor protection and accounting reform law. It is my hope that the new Chairman and the Board will move forcefully to meet these challenges.
"I commend Securities and Exchange Commission Chairman Donaldson and his fellow Commissioners for their selection, which I believe will help to further restore investor confidence in our financial markets."
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