Debbie Dingell: “I begin by expressing great respect and affection to the gentlewoman from New Jersey (Mrs. Roukema). I would like to…”

“I begin by expressing great respect and affection to the gentlewoman from New Jersey (Mrs. Roukema). I would like to read the essential part of the language of the amendment. It says ``The Securities and Exchange Commission shall consult and coordinate comments with the appropriate Federal banking agency before taking any action or rendering any opinion''. Now, that is pretty broad authority. It makes essentially the SEC, by the requirement for coordinating, subservient with regard to all of the matters under its jurisdiction in dealing with the banking regulators. For example, they could be compelled to address questions of behaviors of bank on accounting and accounting principles. What the amendment really has in practical effect is the ability for the SEC to be prevented from imposing the same honest financial reporting it requires from other companies. I think we should ask the question why should the banks not play by the same rules that everybody else plays by? We have got a lot of troubles with accounting and with misapplication of sound accounting principles. I think we ought to take a look at the requirements now, which are generally accepted accounting principles, GAP, as opposed to RAP. Accounting trickery can afford enormous savings to wrongdoers. It can be sanctified by banking regulators as it has been in the past.”