<p>WASHINGTON – In one of the latest Enron scandal fallout announcements, Sen. Phil Gramm (R-Texas), ranking member of the Committee on Banking, Housing and Urban Affairs urged the creation of an independent body to create accounting standards. Speaking at an oversight hearing on accounting and investor protection issues raised by Enron and other public companies, Gramm said, “In the end, it is not going to be enough to jump up and down and point fingers at people, but it is going to be our mission to figure out changes that need to be made.It scares me to death to think of having government or politicians setting accounting standards.The only thing worse than allowing the SEC to set standards is letting Congress set standards.” Gramm said he recognized that, “When you start talking about changing something as fundamental as accounting standards and procedures, it is a very tough issue. It is one that we are going to have to be deliberate over and be sure that we know what we are talking about.I think this is something that can, and should be done on a bipartisan basis. I think it is the only way that it is going to be done right.”</p>

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