The American Institute of CPAs testified before Congress in favor of exempting CPAs from oversight by the proposed Consumer Financial Protection Agency, arguing that CPAs are already highly regulated.
At a hearing before the House Committee on Small Business, incoming AICPA chairman Bob Harris told the committee that small businesses such as his CPA firm would be harmed if they were subject to regulation by the agency. The Obama administration has proposed the creation of the new agency to help protect consumers from abusive mortgages and credit card terms, and other deceptive financial practices.
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