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Corporate & Securities Law

: Jim Hamilton's World of Securities Regulation

By Jim Hamilton

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Draft Bill Would Authorize SEC to Suspend FAS 157

Section 132 of the draft bailout bill would authorize the SEC to suspend the operation of FAS 157 by rule, regulation or order for any issuer as required by the public interest and the protection of investors. Section 133 of the bill would also require the SEC to conduct a study of mark-to-market accounting and the fair value measurement standard with regard to financial institutions. The study, to be conducted in consultation with Treasury and the Federal Reserve, would examine:

1) the effects of FAS 157 on financial institution balance sheets;
2) the impacts of such accounting on the current crisis;
3) the relationship between the standard and quality financial reporting;
4) the FASB standard-setting process;
5) the advisability and feasibility of modernizing the standard and
6) available alternatives to FAS 157.

The SEC would report to Congress concerning the study within 90 days.

Section 132 also contains a "savings provision" which specifies that the bill does not restrict or limit any current authority of the SEC.

Full post as published by Jim Hamilton's World of Securities Regulation on September 29, 2008 (boomark / email).