Federal Issues

    Financial Regulatory Reform 

    Responding to the 2007-2009 financial crisis, Congress debated comprehensive financial regulatory legislation that would address systemic risks, provide U.S. regulators with new resolution authorities and create a new consumer financial protection bureau.  The AICPA did not take a position on the larger legislation but expressed opinions on specific issues affecting the accounting profession including advocating successfully to ensure that CPA’s “customary and usual” services would not be regulated under the new Consumer Financial Protection Bureau (see CFPB page linked here).

    The House and the Senate took different approaches to enacting regulatory reform legislation. In the House of Representatives, lawmakers passed several different bills in committee and then consolidated those into one in House floor action as the Wall Street Reform and Consumer Protection Act of 2009, H.R. 4173.

    In the Senate, Banking Committee Chairman Senator Chris Dodd, a Connecticut Democrat, shepherded the bill through his committee and on the Senate floor.  The Restoring American Financial Stability Act of 2010 (S. 3217) passed the Senate on May 20, 2010 and was renumbered to the House bill number, H.R. 4173. 

    A House/Senate Conference was convened in mid-June to reconcile differences in the two bills.  Renamed the Dodd-Frank Wall Street Reform and Consumer Protection Act, the bill was passed by the House on June 30, 2010 and the Senate on July 15, 2010.  The bill was enacted into law with the President's signature on July 21, 2010.

    Several provisions and amendments were included in the legislation of significant concern to the accounting profession.  For those provisions that have ongoing rulemakings or studies to be performed by regulators, the AICPA is participating in the comment process and monitoring their implementation.  The financial regulatory reform issues from the Dodd-Frank Act that impact CPAs include:

    Resources

    Copy of Legislation

    The law and all major Congressional actions leading to passage are available on the Library of Congress's THOMAS website by using the advanced search function and searching for H.R. 4173 by bill number under the 111th Congress.

    Staff Contact

    Peter Kravitz
    Director – Congressional and Political Affairs
    202-434-2918
    pkravitz@aicpa.org

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    AICPA Letter to SEC on Proposed Regulation Crowdfunding

    Comment Letter AICPA comments on the SEC's proposed new Regulation Crowdfunding under the Securities Act of 1933 and the Securities Exchange Act of 1934 to implement the requirements of Title III of the JOBS Act as published in SEC File No. S7-09-13.
    Published on February 06, 2014

    Jan 2014 - AICPA Statement for the Record regarding Conferences and Travel

    Article AICPA provided a Statement for the Record to the Senate Homeland Security and Government Affairs Committee in  response  to the hearing held on January 14, 2014 entitled, "Examining Conference and Travel Spending Across the Federal Government."
    Published on January 28, 2014

    Cash Basis Letter to Senate Finance Committee from Associations-Jan7-2014

    Legislative Letters Cash Basis Letter to Senate Finance Committee dated Jaunary 7, 2014 from American Council of Engineering Companies, American Dental Association, American Farm Bureau Federation, American Institute of Architects, American Institute of CPAs and S Corporation Association.
    Published on January 22, 2014

    Municipal Advisors

    Issue Brief The AICPA generally supports the SEC’s proposed rules as a means to strengthen investor protections in the municipal securities market.  The AICPA is concerned, however, because the proposed rule would require that accountants performing customary and usual accounting services would be required to register as municipal advisors.
    Published on January 07, 2014

    XBRL

    Article Extensible Business Reporting Language (XBRL) used in financial and other reporting allows for easier access to more transparent information.  AICPA supports legislative proposals to utilize XBRL by companies, Federal agencies and recipients of Federal funds.
    Published on December 30, 2013

    ERISA Fiduciary Definition - Appraisers of Employee Stock Ownership Plans

    Article The AICPA believes that the U.S. DOL should implement rules that would require appraisers of ESOPs to meet minimum qualification requirements, including holding relevant credentials and training, and comply with applicable professional valuation standards.
    Published on December 30, 2013

    Take Action Legislation Affecting ESOP Appraisers

    Article The AICPA urges FVS section members to seek congressional support of legislation to fix DOL fiduciary proposal on ESOP appraisers S. 273/HR 2041.
    Published on September 18, 2013

    CPAs Count! Make Your Voice Heard on Capitol Hill.

    Overview The AICPA PAC is the profession’s political action committee. This describes frequently asked questions about the AICPA PAC.
    Published on July 30, 2013

    AICPA Letter to House and Senate Cosponsor S273 and HR2041

    Legislative Letters AICPA Letter to House and Senate Cosponsor S273 and HR2041
    Published on July 12, 2013

    AICPA Letter to U.S. House of Representatives Supporting H.R. 1564.

    Legislative Letters The AICPA supported a bill passed on July 8, 2013 by the U.S. House of Representatives which would prevent the PCAOB from imposing mandatory audit firm rotation for public companies.
    Published on July 12, 2013

    May 21, 2013 Letter in Support of H.R. 2061, the Digital Accountability and Transparency Act of 2013

    Comment Letter May 21, 2013 Letter in Support of H.R. 2061, the “Digital Accountability and Transparency Act of 2013”.
    Published on June 27, 2013

    May 22, 2013 Letter in Support of S. 994, the Digital Accountability and Transparency Act of 2013

    Comment Letter May 22, 2013 Letter in Support of S. 994, the “Digital Accountability and Transparency Act of 2013”
    Published on June 27, 2013

    March 12, 2013 Letter in Support of Federal Government Data Transparency

    Comment Letter March 12, 2013 Letter in Support of Federal Government Data Transparency
    Published on June 27, 2013

    AICPA Letter to House Financial Services Committee Supporting H.R. 1564.

    Legislative Letters The AICPA supported a bill approved on June 19, 2013 by the House Financial Services Committee that would prevent the PCAOB from imposing mandatory audit firm rotation for public companies.
    Published on June 19, 2013

    Audits of FHA-Approved Participants and Related HUD Requirements

    Article FHA proposes new rule to strengthen risk management and shift accountability for the underwriting of FHA-insured loans to the mortgage banks. It may no longer require FHA to approve loan correspondents (mortgage brokers) participating in the FHA program and HUD would no longer require FHA to submit audited financial statements or audits
    Published on May 14, 2013

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