In light of concerns over the perceived lack of supporting evidence behind the implementation of the current expected credit loss (CECL) standard, legislation has been proposed that would rein in the unique independence of the agency that promulgated it – the Financial Accounting Standards Board (FASB).
Rep. Blaine Luetkemeyer (R-Mo.) introduced the measure, which would direct regulators to create a rule forcing FASB to abide by the same rulemaking guidelines under which all other federal financial regulators operate.
Read on to learn more about the legislation.