As technical director of the Financial Accounting Standards Board, Russell G. Golden is the person to whom bankers have been addressing their comment letters on a controversial proposal that would expand the use of fair value. Starting Oct. 1, bankers will be even more interested in seeking Golden's attention.

The FASB said Friday that Golden will take the seat of Robert Herz, who plans to retire Sept. 30. The appointment makes him one of five people – and eventually one of seven, as the FASB plans to expand its board membership by two – who will determine the fate of the fair value proposal, which could have a profound impact on banks’ financial statements.

Golden was selected by the Financial Accounting Foundation, which oversees the FASB. He had been technical director of the Norwalk, Conn., board since June 2008 and held other senior staff positions before then. Prior to joining the FASB, he was a partner at Deloitte & Touche LLP.

Board member Leslie F. Seidman already has been selected to take over Herz's duties as chairman, on an interim basis. Friday's announcement did not change that plan. The FASB is in the process of recruiting and evaluating candidates for the two new board seats.

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