[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7190 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 7190

To provide for the reform of fair value accounting standards applicable 
                       to financial institutions.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 27, 2008

 Mr. Gary G. Miller of California introduced the following bill; which 
          was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To provide for the reform of fair value accounting standards applicable 
                       to financial institutions.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fair Value Accounting Standards 
Reform Act of 2008''.

SEC. 2. ALTERATION OF FAIR VALUE ACCOUNTING.

    Upon the enactment of an Act or Joint Resolution of Congress in 
2008 providing for the economic recovery of financial institutions, the 
Securities and Exchange Commission shall, under the securities laws (as 
such term is defined in section 3(a)(47) of the Securities Exchange Act 
of 1934 (15 U.S.C. 78c(a)(47)), after consultation with the Board of 
Governors of the Federal Reserve System, revise by rule, regulation, or 
order the application of fair value accounting, including Statement 
Number 157 of the Financial Accounting Standards Board, to any 
financial institution.
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