Norwalk, Conn. (June 16, 2004) -- Responding to congressional backlash over the Financial Accounting Standards Board's proposal to require stock option expensing, the trustees of the Financial Accounting Foundation, the group responsible for overseeing, funding and selecting the members of FASB and the Governmental Accounting Standards Board, voiced its opposition to legislation it says would curb FASB's independence.

A bill sponsored by Rep. Richard Baker, R-La., that would restrict the expensing of options to a company’s top five officers, passed the House Financial Services Committee Tuesday. The bill now moves on to a full House vote.

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