Absent the traditional fanfare that usually accompanies any notable change on Capitol Hill, I wonder if many folks in the profession were aware that the House Financial Services Committee has quietly assumed sole oversight of the Financial Accounting Standards Board. With the exception of a mention in the Congressional Record and what basically amounted to somewhat longer agate in several national dailies and wire services, the change - which has the potential to greatly impact future rulings from the Norwalk, Conn.-based standard-setter - drew about as much attention as a suggestive bathing suit in St. Tropez.

But first, a little background. Seems oversight of FASB, along with electronic trading outlets, was, for four years, shared between the Financial Services Committee and the Energy and Commerce Committee.

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