Wendy Sherman: “Let me address the Democrats in this Chamber and say: Sustain President Biden's veto. This is the worst possible week…”

“Let me address the Democrats in this Chamber and say: Sustain President Biden's veto. This is the worst possible week for Democrats to do anything else but to stand behind President Biden's veto. If you vote the other way, then you can explain to the press that you repudiated the President's decision and that you voted to override a Presidential veto--something I don't think we have done in a long time--because you had extensive conversations with Paul Munter, the chief accountant of the SEC, and he was unable to convince you that Staff Accounting Bulletin 121 properly lays out for generally accepted accounting principle purposes which asset should be on the balance sheet. You can then discuss with them how you also commented on a host of other accounting principles that put assets on the balance sheet that are not actually owned but might be leased or held by the company on whose balance sheet they are listed. You can then discuss with them your personal views on accounting theory and try to convince them that you repudiated the President because of deeply held concerns on what assets should and should not be on the balance sheet. However, they will not listen. They will tell you that you voted to override a Presidential veto this very week. Now, we are told that somehow this is going to prevent banks from acting as custodians. It does not because we have three accounting systems in this country.…”