Congress created the board as a component of the corporate reform legislation passed after the collapse of companies like Enron and WorldCom.
The board is composed of five members and will have the power to set and enforce accounting standards.
The New York Times reported that the appointment caused extreme controversy in Washington, mostly due to the fact that Webster has never worked in the accounting industry. However, Webster expressed confidence that he would quickly become competent. “I’ll get the information. We have a board that has two brilliantly experienced certified public accountants,” Webster said on CNN’s “Moneyline.”
Those in favor of appointing Webster noted his reputation for integrity and his law enforcement background, according to the Times.
The Times also mentioned Webster’s reputation for restoring public trust. President Jimmy Carter chose him to lead the FBI as the bureau tried to emerge from the shadows of involvement in Watergate. President Ronald Reagan appointed Webster to lead the CIA after it was tainted by the Iran-Contra affair.