Schapiro Backs Mark-To-Market, But Wants Changes

Law360, New York (March 11, 2009, 12:00 AM EDT) -- With Congress preparing to take a close look at mark-to-market accounting rules, U.S. Securities and Exchange Commission Chair Mary L. Schapiro told a House subcommittee that while there was room for improvement in fair value accounting standards, they did provide a valuable service for investors and should be kept.

In testimony before the House Appropriations financial services subcommittee, Schapiro stood behind an SEC report released late last year that called for the continuation of fair value accounting practices.

“Investors have told us that fair value is...
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