HB6726: Responsible Accounting Standards Act of 2023
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
To amend the Securities Act of 1933 to require the accounting principles standard setting body to comply with the Administrative Procedure Act and the Government in the Sunshine Act, to require the head of such body to testify annually before Congress, and for other purposes.
Plain-language summary
This bill would require the Financial Accounting Standards Board, which sets accounting rules for U.S. companies, to follow federal laws about government transparency and public participation. The board would also need to comply with the Government in the Sunshine Act, which limits private meetings between government officials and outside groups. The bill requires the board's leader to testify before Congress every year about the board's activities. Currently, the bill has been introduced in Congress but has not yet been voted on.
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HB6726: Responsible Accounting Standards Act of 2023