Christopher Shays: “I rise to speak about the rule proposed by the Securities and Exchange Commission, SEC, that would affect the consulting…”

“I rise to speak about the rule proposed by the Securities and Exchange Commission, SEC, that would affect the consulting affiliates of auditing firms. The proposed rule was brought to my attention over a month ago by constituents concerned about its effect on large accounting firms who also perform consulting services for their clients. In response to the concerns raised by some of my constituents, I wrote to SEC Chairman Arthur Levitt and asked that the comment period on the rule be extended past its September 25 deadline and that the rule be modified to address the concerns raised by members of the accounting industry. Under no circumstance was it my desire or intention to delay the ultimate decision to next year and a new commission. I particularly want to go on record as opposing any attempt to require a delay through legislative means. I continue to believe all parties involved, including the accounting industry, should strive to reach a workable and mutually agreeable compromise before a final determination is made. It is my hope as the SEC moves forward with this rule they will remain open to the comments and concerns raised by the accounting industry and the challenges it faces.”