Recently in these pages, Rep. Richard Baker discussed a bill he introduced that would put accounting standard setting squarely in the hands of the federal government and remove that responsibility from the private- sector Financial Accounting Standards Board.

The purpose of this bill supposedly is to give companies the right to take legal action against proposed accounting standards. They already have that right, making HR 3165 moot. Any Securities and Exchange Commission order regarding a FASB standard can be challenged in court under the Securities acts of 1933 and 1934.

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