Washington (Sept. 20, 2004) -- Shortly after California Democrats sent a letter to President Bush urging him to support the passage of a House bill aimed at thwarting a controversial plan by accounting rulemakers to mandate stock option expensing, four Senators fired off a letter urging Bush to oppose efforts to block the plan.
In a letter, Republican Senators Peter G. Fitzgerald of Illinois and John McCain of Arizona, along with Democratic Senators Carl Levin of Michigan and Richard Durbin of Illinois, urged President Bush to "oppose any back door effort in the Senate to enact legislation" that would undermine the Financial Accounting Standards Board’s authority. The senators said that the letter followed rumors that opponents of the FASB rule, which would require companies to expense options granted to all employees, might attempt to attach legislation to an upcoming appropriations bill that would undermine FASB's standard-setting authority, effectively killing the options proposal.
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