Dodd answers question about FASB at press conf 11 10 09

At a press conference held on Nov. 10, 2009 to discuss the release of the Senate Banking Committee's Discussion Draft of its Financial Reform bill, the committee chairman, Sen. Chris Dodd (D-CT) received a question relating to potential House consideration of an amendment to their bill regarding the Financial Accounting Standards Board (FASB). This 38 second clip shows the question being asked by a member of the press, and Sen. Dodd's response. See the full 40-minute press conference, carried on C-SPAN, here: http://bit.ly/4DFB59 . See links to related documents on Senate Banking Committee website here: http://bit.ly/6qMLi .

Here is the text of the Q&A re: FASB shown on the video clip:

Question from the press:
There is a proposal on the House side to move FASB oversight from the SEC to the systemic risk council; do you oppose it?
Sen. Dodd:
We didn't do that in this bill. We modified FASB back a few years ago, because for years I've resisted, at various times, there's been efforts to Congressionally decide accounting standards; and just as I don't want - and I say this respectfully of our institution in which I serve - having the Congress decide Federal Reserve policy, setting accounting standards is precarious, so we have strengthened FASB to be far more independent; I'm satisfied how that works today.

If you follow FASB news, SEC news, and other news relating to financial reporting, visit the FEI Financial Reporting Blog at http://www.financialexecutives.blogspot.com

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News & Politics

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• Dodd
• FASB
• Senate
• SEC
• Financial
• Reform