Obama signs financial regulatory-reform act

07/22/2010 | JournalofAccountancy.com

President Barack Obama on Wednesday signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law. The CPA profession successfully advocated for CPAs on a number of issues, including protections to maintain the Financial Accounting Standards Board's independence and inclusion of a provision to ensure permanent funding for the Governmental Accounting Standards Board, and resisted duplicative regulation by the new Consumer Financial Protection Bureau for CPAs' usual and customary activities.

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