Senator Jack Reed, D-R.I., has written letters to the heads of the Financial Accounting Standards Board and the International Accounting Standards Board asking how to improve the transparency of the types of assets linked to subprime mortgages.
"Recent events arising from subprime lending, in which estimates of losses now range from $300 to $400 billion, have only served to highlight the need of investors for timely and complete financial information regarding off-balance-sheet transactions and activities," wrote Reed, chairman of the Senate Banking Subcommittee on Securities, Insurance, and Investments, in letters to FASB Chairman Robert Herz and IASB Chairman Sir David Tweedie.
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