110 HR 7190 IH: Fair Value Accounting Standards Reform Act of 2008 U.S. House of Representatives 2008-09-27 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 2d Session H. R. 7190 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.

1.

Short title

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

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.