Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, reassured attendees at the American Accounting Associations Annual Meeting that he had no intention of legislating accounting standards.
Asked about a congressional hearing he attended in March in which Financial Accounting Standards Board chairman Robert Herz was told that he needed to revise mark-to-market and fair value accounting standards in three weeks time, Frank said the subcommittee was only exerting pressure, but not trying to legislate standards.
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