Rep. Blaine Luetkemeyer (R-Mo.) on Friday introduced a bill that would subject the Financial Accounting Standards Board to the rulemaking guidelines of federal financial regulators.
The Responsible Accounting Standards Act would apply the Administrative Procedures Act to the independently operated Financial Accounting Foundation (FAF), which oversees FASB. The Administrative Procedures Act requires regulators to make proposed rules available for public comment, use feedback to form a final rule, and perform a cost benefit analysis if a rule is considered “economically significant.”
