US Congress will force regulators to relax the much-criticised mark-to-market accounting rule if they fail to take action themselves, Barney Frank, the chairman of the House financial services committee, on Thursday warned.
Mr Frank told representatives of the Financial Accounting Standards Board and the Securities and Exchange Commission that they had to act quickly to revise the rule. “We do have to have you move now,” said Mr Frank. “You are the FASB. In this one you can’t be the slow-B.”
