"I have refrained from public comment on proposed members for appointment to the Public Company Accounting Oversight Board so that the SEC might act without political pressure. I have emphasized to SEC Chairman Harvey Pitt the necessity of having a strong independent board, which is at the very heart of the reform effort. Regrettably, the process of selecting the Board seems to be in disarray.

"John Biggs is clearly a person of great integrity, ability and experience. He would be an excellent Chairman of the Oversight Board. Further, I understand, there are a number of distinguished and highly qualified men and women who are willing to serve as members of the Board.

"Timely action is essential. The statute provides that the Public Company Accounting Oversight Board be appointed by October 28, three months after the bill became law. The Securities and Exchange Commission must meet its statutory responsibility by putting in place a strong independent Board composed, as the statute provides, of 'prominent individuals of integrity and reputation who have a demonstrated commitment to the interests of investors and the public.'

"The appointment of qualified members to the Public Company Accounting Oversight Board who will command general respect is the first critical test of working to restore investor and public confidence in our capital markets as envisioned under the new law. The SEC must meet that test."