Question: Presented below are comments made in the financial press. Discuss your views on Items 1 and 2 John Dingell, at one time the ranking Democrat

Presented below are comments made in the financial press. Discuss your views on Items 1 and 2

John Dingell, at one time the ranking Democrat on the House Commerce Committee, threw his support behind the FASB's controversial derivatives accounting standard and encouraged the FASB to adopt the rule promptly. Indicate why a member of Congress might feel obligated to comment on this proposed FASB standard.

In a strongly worded letter to Senator Lauch Faircloth (R-NC) and House Banking Committee Chairman Jim Leach (R-IA), the American Institute of Certified Public Accountants (AICPA) cautioned against government intervention in the accounting standard-setting process, warning that it had the potential of jeopardizing U.S. capital markets. Explain how government intervention could possibly affect capital markets adversely. Do you think your response is any different as a result of the pandemic versus how you might have responded pre-COVID-19?

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