X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

<p>WASHINGTON – Sen. Phil Gramm (R-Texas), ranking member of the Senate Committee on Banking, Housing and Urban Affairs used the mark-up of the Public Company Accounting Reform and Investor Protection Act of 2002 to commend committee members for their work on the bill and reiterate his concerns about the measure. Although he recognized the elements of flexibility that the committee added to the measure, “the structure of the bill still troubles me, and as a result, I don’t support it.” Gramm made it clear that he thinks the bill “is better today then the original bill that was proposed.” He stated though that, “In the end, the fundamental problem I have with the bill is the same.I have felt from the beginning that we should pass a bill. I think the President’s proposal was an excellent proposal for regulatory reform, and I think the action being taken by the Securities and Exchange Commission is right and represents a substantial reform.But I do not believe that is enough.” Instead, Gramm said, “I believe we should pass a bill setting up an independent ethics committee that will oversee and enforce the highest standards of ethics in accounts. I think this committee should be given the power to determine conflicts of interests and to make determinations on independence. It should also be independently funded by a source that is committed to the purpose of funding that activity, and the source should be permanent,” Gramm stated. Moreover, he said, if the bill calls for setting up an independent panel, “we ought to let the panel set the standards as to what represents a conflict of interest.if we are trying to make this board powerful, why we would want to pre-judge what the panel is going to decide is beyond me.”</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.