The House passed two financial services bills on Monday, the Audit Integrity and Job Protection Act and the Financial Competitive Act of 2013.
The bills passed retain a public company's choice of external auditors and requires the Financial Stability Oversight Council to study the impact of derivatives provisions under the Basel III capital standards. Under the Dodd-Frank Act, the FSOC is in charge of identifying risks to the stability of the financial system.
The Audit Integrity and Job Protection Act prohibits the Public Company Accounting and Oversight Board from requiring a public company to change its external auditor on a rotating basis. The Financial Competitive Act of 2013 requests the FSOC to investigate how differing implementation of Basel III's derivatives credit valuation adjustment capital requirement across different countries would affect the U.S. economy.
For the full piece see "House Passes Accounting, Derivatives Bills" (may require subscription).