"'We do have to have you move now,' said Mr. Frank. 'You are the FASB. In this one you can't be the slows-B.' ... Under tough questioning from the committee, the SEC and FASB agreed to produce new guidance on the subject within three weeks", Tom Braithwaite and Sarah O'Connor at the FT, 13 March 2009.
"Talk about misplaced investigations: what needs to be investigated is why Congress listens so well to bankers and their lobby. Consider the bill sponsored by Representative Ed Perlmutter of Colorado--the 'Federal Accounting Oversight Board [FAOB] Act of 2009.' It fairly bristles with the kind of rewards the banking industry would love: better than bonuses, it could give them the kind of regulation they want. The bill would transfer the SEC's oversight of the FASB to the new [FAOB]. ... It's downright Orwellian: to protect the public, this 'oversight body' would blind them from the mistakes made by financial institutions by making accounting less transparent. ... The link between financial accounting and regulatory accounting needs to be broken for good", Jack Ciesielski (JC), 19 March 2009 at http://seekingalpha.com/article/126744-next-round-of-bank-based-appeasement.
I have been singing Keller's song for months.
The fools in Congress like Barney Frank (BF), AB, JD Harvard, who brought us the Community Reinvestment Act, now want to conceal up their misfeasance by encouraging bank book cooking. Robert Herz (RH) shows what's wrong with Big 87654 partners, he was with PWC, no cojones. RH should have told BF clearly, the FASB would not be party to bank book cooking. That if BF doesn't like it, create a new accounting body just for banks. My guess is if RH told BF that on the floor of Congress, BF would have fainted. Then the FASB 157 discussion would have ended. RH could have told BF repeal the laws against securities fraud. That would have gotten a rise out of him.