U.S. Reps. Ed Perlmutter, D-Colo., and Frank Lucas, R-Okla., have drafted a bill that would create the Federal Accounting Oversight Board, an overarching agency to replace the Securities and Exchange Commission as the primary federal accounting overseer. The secretary of the treasury, the Federal Reserve chairman, the head of the SEC, the chairman of the Federal Deposit Insurance Corp. and the Public Company Accounting Oversight Board chief would make up the oversight staff. The measure is aimed at giving bank regulators more authority in approving accounting standards.

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