The Center for Audit Quality, an affiliate of the AICPA, the U.S. Chamber of Commerce and the Council of Institutional Investors sent a joint letter to Congress discouraging the concept of replacing the Securities and Exchange Commission as "the primary agency with oversight over accounting standard setting." The letter said such a move would have "adverse impacts on investor confidence" in the accounting standards underlying financial statements. Potential financial regulatory reform proposals have the Financial Accounting Standards Board being realigned within the structure of systemic risk, potentially compromising the independence of the setting of accounting standards.

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