Federal Takeover Of Financial Reporting Standards

Law360, New York (June 30, 2009, 12:00 AM EDT) -- The current administration’s seemingly primary approach to addressing successive crises is to broaden the scope of government authority and to implement, or propose, additional regulations.

Congress was thus receptive when representatives of the financial services industries, and in particular the American Bankers Association, lobbied heavily to expand government influence, or impose government controls, over the accounting standard setting process that has historically been the domain of the private sector.

Based on their perception or belief that the Financial Accounting Standards Board (FASB) was reluctant to consider...
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