Rather than responding to the needs of consumers, elected officials who pass disclaimer requirements, and unelected officials who administer them, are subject to lobbying by interest groups, and can hardly be expected to faithfully represent the diverse desires of distant consumers.
Under the IRS scheme, those preparers must pay some fees unrelated to the PTIN, pass a qualifying exam, and complete annual continuing education requirements.
Mr. Leveson recommended that Parliament pass legislation that would officially recognize the new regulatory body and identify a set of requirements it must meet to be considered successful in serving the public.
Smith said what he wants to do with the challenge is to force Congress to pass a law authorizing the Treasury Secretary to appoint these officers and adding some training and experience requirements.