GFOA Rebuffs SEC Bid to Oversee Accounting Standards and Mandate Disclosures for Issuers of Municipal Debt

Gaffney, Susan, Government Finance Review

The GFOA and other state and local government associations vigorously oppose any unnecessary federal regulation.

The GFOA will vigorously oppose a drive by the securities and Exchange Commission (sec) to obtain a mandate from Congress to regulate issuers of tax-exempt bonds and the Governmental Accounting Standards Board (GASB).

In a July speech, the sec's chair, former Congressman Christopher Cox, outlined his vision of a significantly expanded role for the sec in accounting standards and disclosure for state and local governments that issue debt. He asserts that an expansion in the sec's role is needed to protect investors in the $2.4 trillion municipal securities …

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Publication information: Article title: GFOA Rebuffs SEC Bid to Oversee Accounting Standards and Mandate Disclosures for Issuers of Municipal Debt. Contributors: Gaffney, Susan - Author. Magazine title: Government Finance Review. Volume: 23. Issue: 5 Publication date: October 2007. Page number: 75+. © 1999 Government Finance Officers Association. Provided by ProQuest LLC. All Rights Reserved.

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