GOP lawmakers okayed a move to give the House Financial Services Committee oversight of accounting standard-setting and electronic trading, an area that includes the Financial Accounting Standards Board, according to the Congressional Record.

Since January 2001, the HFSC and the Energy and Commerce Committee have shared oversight of the accounting standard-setting body and electronic trading. The four-year co-oversight arrangement came about after the House Banking Committee was reformatted to became the HFSC and GOP lawmakers gave it oversight over accounting, the stock exchanges and the Securities and Exchange Commission.

However, now-retired Rep. W.J. "Billy" Tauzin, R-La., chair of the ECC, demanded that his group retain oversight over electronic trading and FASB. As a result, HSFC chair Michael Oxley, R-Ohio, and Tauzin drafted a quasi-compromise to share oversight.

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