PCAOB Unconstitutional?

The Free Enterprise Fund has filed a lawsuit in federal court in Washington, D.C., challenging the constitutionality of the Public Company Accounting Oversight Board (PCAOB).  The primary argument is that the legislation establishing the board violates the Appointments Clause of the United States Constitution.  The appointed members of the SEC appoint the members of the oversight board.  FEF argues that the President ought to have appointment power over the board and Congress ought to have oversight power through appropriations (the board runs on fees collected from regulated companies).   the suit is a long shot, a very long shot.