Sean Patrick Maloney: “My amendment preserves the full power of the SEC to determine what companies report and how they report it. This power…”

“My amendment preserves the full power of the SEC to determine what companies report and how they report it. This power was given to the SEC in 1934 after the accounting scandals in the 1920s and 1930s. My amendment preserves the current authority to protect investors and the public interest. Under present law, and I quote from the law, if 'the SEC determines that the public interest or the protection of investors so requires,' it can set an accounting standard even if it has to override another law to do so, but only to protect the public interest. This underlying bill takes away the SEC's power to protect investors. It would prevent the SEC from adopting any accounting standard, except the one set in the underlying bill. So I would urge my colleagues on both sides of the aisle to be very careful with their vote on this amendment. If you vote against this amendment, you will be walking away from accounting standards that are set on the principle of protecting the 84 million investors in our country and moving to a different standard, one that does not focus on protecting investors but gives a competitive advantage to a small number of companies. This amendment protects investors.”