John Sarbanes: “I simply want to say I am supportive of this amendment. I think this is the right way to go about it. Let me repeat, I…”

“I simply want to say I am supportive of this amendment. I think this is the right way to go about it. Let me repeat, I do not think the Congress itself should be in the business of legislating accounting standards, but this amendment does not do that. It references the issue to the very body that has been established to accomplish that, which has the expertise and the competence. The amendment also helps to underscore the independence of FASB and a congressional perception that they should call it as they see it. I hope at the appropriate time the Senator will be able to obtain permission to bring his amendment before the body. I thank the Senator for yielding.”