Congress is likely to put regulatory reform for the financial services industry somewhere on its 2009 agenda. Part of the debate surrounding the reform will concern mark to market accounting.
A lot has been written about the need to suspend or drop mark to market accounting. The Financial Accounting Standards Board, in fact, amended FAS 157, the rule governing fair value accounting and mark to market, last October. The American Bankers Association is pushing for more change and has urged the SEC to intervene. Former Fed Gov. Mark . . .
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