House Financial Services Committee Chairman Barney Frank, D-Mass., said he did not plan to have Congress suspend fair value accounting rules.

"We will never legislate accounting," Frank said at a gathering of business leaders in Boston, according to Reuters. However, Frank wants banks and companies to have more flexibility in applying mark-to-market rules. He also wants to stop a rule that automatically triggers consequences, such as forcing a bank to curtail its lending, when the value of a bank's assets have been reduced by mark-to-market accounting.

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