The overlords at the SEC have spoken and sweet Jesus in a manger, they like letters behind a name. Ms Franzel will replace Dan Goelzer who is a founding member of the Board and served as its perpetually acting chair from August 2009 to January 2011.
Franzel is dumping the Government Accountability Office, where she has been for 26 years, for the PCAOB. She got her MBA at George Mason and BA at College of St. Teresa. According to her LinkedIn profile she was also briefly at Harvard's Kennedy School of Government. And yes, yes. She has a lot of letters behind her name:
Ms. Franzel currently leads all aspects of GAO’s financial audit oversight of the U.S. federal government. She heads a team of approximately 250 staff that focuses on financial and performance audits, proper use of federal funds, internal control, financial systems, and federal audit and financial management policy. Ms. Franzel is a Certified Public Accountant (CPA), Certified Internal Auditor (CIA), Certified Management Accountant (CMA), and Certified Government Financial Manager (CGFM).
Any aspiring auditing policy makers should get crackin'.
SEC Commissioner Luis Aguilar dissented on Ms Franzel's appointment saying, "[she] has no demonstrable record of investor advocacy," and, "not once in any of the four letters signed by today’s appointee, discussing topics such as the engagement quality review and risk assessment, was there any mention of the interests of investors. In fact, the word 'investor” was not mentioned." So count Luis as a Franzel detractors.
Fortunately, her boss, Jim Doty. Mr Doty said of Ms Franzel, "Jeanette’s extensive experience in the field of securities regulation and auditing standards will enable her to hit the ground running. I am delighted to have her join the Board."
Don't you just love Washington? Everybody play nice, okay?