X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

<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>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.