Barry Melancon, president and chief executive of the American Institute of CPAs, opened his annual remarks regarding the state of the profession at the Fall Meeting of Council and Members by addressing the current economic crisis and the controversy around fair value accounting.

Melancon (below) gave a primer on the Economic Stabilization Act passed last month by President Bush, clarifying that the term "Wall Street bailout" was a sound bite and a "few inappropriately muttered words that caught on" that ultimately became a disservice to the public. Melancon said that the act instead was about the financial services sector's impact on the millions of businesses in the United States.

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