Thank you for sharing!

Your article was successfully shared with the contacts you provided.

<p>WASHINGTON – The House Financial Services Committee held a hearing last week to discuss a bill introduced by Committee Chairman Michael G. Oxley (R-Ohio) and Capital Markets Subcommittee Chairman Richard H. Baker (R-La.) to enhance investor confidence in the accounting profession and capital markets in response to the Enron collapse. The Corporate and Auditing Accountability, Responsibility, and Transparency Act (CAARTA) or H.R. 3763, would “ensure the highest standards” of auditor independence, ethics and competence and establish a public regulatory oversight board for accounting of publicly traded companies, Oxley said. Companies would have to provide the public with more information about their financial condition, and do so on a real-time basis. “This bill is a comprehensive and practical solution to strengthen the overall financial system,” Oxley said. “It will help to prevent future Enrons without crushing the entire business sector with endless government. The free market system will emerge stronger than ever before.” At press time, those scheduled to testify were Marc Lackritz, president, Securities Industry Association; Barry Melancon, president/CEO, American Institute of Certified Public Accountants; James Glassman, resident fellow, American Enterprise Institute; Ted White, director of corporate governance, California Public Employees’ Retirement System; Roderick Hills, former chairman, Securities and Exchange Commission; Barbara Roper, director of investor protection, Consumer Federation of America and Lynn Turner, director, Center for Quality Financial Reporting.</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.