Volcker opposes proposal on accounting standards

11/17/2009 | NYTimes.com

Former Federal Reserve Chairman Paul Volcker, a White House economic adviser, said a proposal that would give banking supervisors the power to sidestep accounting rules is "a terrible idea." Volcker, who has been a critic of mark-to-market accounting rules, said he is concerned that politics may be compromising the independence of the accounting standards setters. Volcker's comments come as a House committee is poised to vote on the proposal.

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