Luetkemeyer, Budd Introduce the ‘Responsible Accounting Standards Act’
Washington, November 16, 2022
Tags: Financial Services
WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) and Congressman Ted Budd (NC-13) introduced the Responsible Accounting Standards Act to bring commonsense reform to the unaccountable Financial Accounting Standards Board (FASB).
“Accounting principles impact every single American business and their employees. FASB’s wide-ranging power should require commonsense oversight and analysis. This bill ensures the effects on the American economy are studied and considered in every standard FASB puts into place,” said Luetkemeyer.
“The unaccountable bureaucracy of FASB desperately needs basic Congressional oversight over its massive impact to our financial sector and the wider economy. The Responsible Accounting Standards Act will be a positive step forward in the cause of good governance,” said Budd.
Full bill text can be found HERE.