Academic journal article ABA Banking Journal

Movement on outside Audit Rules

Academic journal article ABA Banking Journal

Movement on outside Audit Rules

Article excerpt

Movement on outside audit rules. To say that bankers aren't happy with the Federal Deposit Insurance Corp.'s proposed implementation of the FDIC improvement Act's requirements for annual audits and related reporting and internal control amendments (ABA B J, Oct. 1992, p.12) would be an understatement,

"This proposal stirred some interest. So much so, in fact, that our communications office ran out of printed versions of it." said Acting FDIC Chairman Andrew C. Hove in a recent speech. "...And we got comments. Somewhere in the neighborhood of 315. Most of the comments told us what to do with the proposal. in suggestive detail, in fact."

ABA's own comment letter ran 18 single-spaced pages, with the caveat that much more could be said had a longer comment period been provided.

There is strong likelihood that the final rules, due out early this month under the law, will be eased. Hove, speaking to an accounting group, said his agency was taking comments 'to heart And we will do our best to put together a regulation that everyone can live with."

Tinker, but don't tamper, with the Federal Reserve

By now you've heard plenty about the changes coming in Washington this year.

One Washington institution that isn't changing--at least, not for now--is the Federal Reserve. Its chairman, Alan Greenspan, a Reagan-Bush appointee, will continue to be the top official responsible for U.S. monetary policy. Greenspan's tour of duty isn't over, and he's said he wants to stay.

So for now, things look pretty steady at the Fed. But are the winds shifting?

Favorite target. Chairman Greenspan has earned high praise for helping put the brakes on inflation. He's also received criticism for what some have said was a slow Fed response to the recession. Second-guessing the Fed, of course, has been a hobby of economists and politicians for a very long time. For one, it's been a life's work.

Henry B. Gonzalez (D.-Texas), returning chairman of the House Banking Committee, has never made a secret of his dissatisfaction with the Federal Reserve. He has now proposed a major overhaul that would make the agency simultaneously less independent and more responsive to political control.

In fact, Gonzalez's most sweeping proposal would take the Fed out of the bank-regulating business altogether. …

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