I 111th CONGRESS 1st Session H. R. 607 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.

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.