A key lawmaker urged the Financial Accounting Standards Board Wednesday to delay implementation of its controversial derivatives rule.

Rep. Richard Baker, chairman of the House Banking Committee's capital markets subcommittee, said he may introduce legislation that would require FASB to back off. He spoke to a reporter during a break in a hearing on the derivatives rule.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.