Opinion: Past chairmen say accounting oversight should stay with SEC

Roderick M. Hills, Harvey L. Pitt and David S. Ruder argue that responsibility for accounting standards should remain with the Securities and Exchange Commission, which each of them headed previously. The SEC currently oversees the Financial Accounting Standards Board, which sets accounting standards. The Obama administration is considering a proposal that would move that authority to a systemic-risk regulator. "Such a radical move would have extremely negative consequences for our capital markets," they write.

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