Congress Asked To Revisit Mark-To-Market System

Law360, New York (May 14, 2009, 12:00 AM EDT) -- A coalition of banking and insurance organizations has urged Congress to rethink mark-to-market accounting and impairment rules, even though the Financial Accounting Standards Board made several revisions in April.

In a letter Wednesday to the U.S. House of Representatives Financial Services Committee, five industry trade groups — including the American Bankers Association and the Financial Services Roundtable — raised questions about the true relevance of mark-to-market accounting for the banking system or insurance companies, arguing that it does not provide the best measurement for many types...
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