Decision Punted
When Duhnke first was discussed as a candidate to lead the audit board in late 2015, he drew criticism from Democrats and former SEC officials over his lack of regulatory experience and his ties to Shelby. After the backlash, then-SEC Chair Mary Jo White decided to punt the decision to her successor. White was an appointee of President Barack Obama.
Still, the 2002 law that set up the PCAOB envisions the top job having some separation from the auditing industry, requiring that the chairman not have been working as a certified public accountant for the preceding five years. Previous heads of the board included two former Federal Reserve officials and Doty, who was a longtime securities lawyer and SEC general counsel.
Duhnke, who is staff director of the Shelby-led Senate Rules and Administration Committee, would join other aides tapped by the senator for prominent regulatory roles.
Republican Commissioner Michael Piwowar, who people said has led the push for Duhnke’s appointment, formerly worked under Shelby as the Banking Committee’s chief economist. And Hester Peirce, a Republican who has been nominated by President Donald Trump to become a commissioner, also served on the committee staff. Piwowar declined to comment.
Clayton hasn’t decided whether to advance Duhnke’s appointment before or after Peirce and Democratic nominee Robert Jackson are confirmed as commissioners, according to one of the people familiar with the decision.
This article was provided by Bloomberg News.