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Congress Waters Down FASB-Oversight Plan

An amendment to the in-progress Financial Stability Improvement Act would allow financial regulators to review accounting standards but give them no final authority.

November 23, 2009

Lawmakers have backed away from a proposal that would have weakened the Securities and Exchange Commission's oversight of accounting standard-setters.

Reps. Ed Perlmutter (D-Colo.) and Frank Lucas (R-Okla.) introduced a bill earlier this year that would have created a new body to oversee the Financial Accounting Standards Board. It would have comprised the Treasury Department, Federal Reserve, and Federal Deposit Insurance Corp., as well as the SEC. Read more...

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