Oust the SEC as Sole Accounting Watchdog?

"Are you ready for the FAOB? New House bill would install instead a five-member oversight board made up of heads of Treasury, the Fed, FDIC, and PCAOB, along with the SEC chair...

Politics are creeping into accounting once again. This time it’s through a proposed law that would replace the Securites and Exchange Commission as the sole overseer of accounting standards, and turn that role over to a high-level group that would let bank regulators have a say in approving accounting rules..."
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Source: CFO.com