[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 607 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 607

 To direct the Securities and Exchange Commission to issue guidance on 
              the interpretation of fair value accounting.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 16, 2009

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

_______________________________________________________________________

                                 A BILL


 
 To direct the Securities and Exchange Commission to issue guidance on 
              the interpretation of fair value accounting.

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

SECTION 1. SEC GUIDANCE ON FAIR VALUE ACCOUNTING.

    (a) Guidance.--Not later than 30 days after the date of enactment 
of this Act, the Securities and Exchange Commission shall issue 
guidance on the interpretation of the fair value accounting standards 
set forth by the Financial Accounting Standards Board, including the 
Commission's interpretation and application of Statement Number 157 of 
such Board. Such guidance shall address the issues and recommendations 
identified in the Commission's report submitted to Congress on December 
30, 2008, pursuant to Section 133 of the Emergency Economic 
Stabilization Act of 2008
    (b) Report to Congress of FASB Action.--Not later than 30 days 
after the guidance is issued in accordance with subsection (a), the 
Securities and Exchange Commission shall report to the Committee on 
Financial Services of the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate on any actions taken 
by the Financial Accounting Standards Board relating to the 
recommendations of the Commission submitted to Congress on December 30, 
2008.
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