Reps. Propose Bill To Expand Accounting Oversight

Law360, New York (March 6, 2009, 12:00 AM EST) -- Two U.S. lawmakers have proposed creating a new body to oversee how accounting rules are applied in the financial markets, expanding authority for the rules beyond the U.S. Securities and Exchange Commission.

U.S. Reps. Ed Perlmutter, D-Colo., and Frank Lucas, R-Okla., proposed a bill late Thursday to create the Federal Accounting Oversight Board, which would be responsible for the application of Generally Accepted Accounting Principles in the financial markets.

Members of the proposed board would include the chairman of the Federal Reserve, the U.S. secretary of...
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