A battle is brewing on Capitol Hill over who should control accounting standards that are followed by public companies.
The House Financial Services Committee continues to mark up its proposed Financial Stability Improvement Act, and now a controversial bipartisan amendment has been added to the package to assign a new overseer to the Financial Accounting Standards Board. Ed Perlmutter, a Democrat from Colorado, and Frank Lucas, an Oklahoma Republican, have proposed that FASB should be moved under the authority of the Financial Services Oversight Council, which the bill aims to create.
