Cliff Stearns: “I contend, and I submit, that the original bill, H.R. 3574, would bar…”

On the recordJuly 20, 2004

I contend, and I submit, that the original bill, H.R. 3574, would bar them from that practice. At a recent hearing I held as chairman of the Committee on Energy and Commerce Subcommittee on Commerce, Trade, and Consumer Protection with jurisdiction over FASB, the Financial Accounting Standards Board, the chairman of FASB said that 576 companies are currently expensing options. Think of that, 576 are expensing options, and as it now stands, H.R. 3574 would prevent these companies from continuing to voluntarily expense stock options. Now, my amendment would correct that, and I believe congressional interference into FASB rule-making sets a dangerous standard and a precedent and that the process should be left to independent experts. And as the bill now stands, that is not true. We hope we can correct it, but my amendment was not included as part of this debate.

Said by

Cliff Stearns

Florida

Source

govinfo.gov

Editor's note · Context

Discussing an amendment related to stock options in the context of H.R. 3574.

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Cliff Stearns: “I contend, and I submit, that the original bill, H.R. 3574, would bar them from that practice. At a recent hearing I…”

Editor's note · Context