On Nov. 19, 2009 a revised version of an amendment co-sponsored by Rep. Ed Perlmutter (D-CO) and Rep. Frank Lucas (R-OK) passed by voice vote in the House Financial Services Committee. Recorded as Amendment No. 58 to the committee's systemic risk bill (more formally, the Financial Stability Improvement Act) the amendment would add the following responsibility to the Financial Services Oversight Council (a council of banking regulators) created by the Act:

"To review and submit comments to the Securities and Exchange Commission and any standards setting body with respect to an existing or proposed accounting principle, standard or procedure."

The Perlmutter/Lucas amendment was substantially scaled back from the original version first floated by Perlmutter and Lucas in March, which would have removed the Securities and Exchange Commission's oversight authority over the Financial Accounting Standards Board, and transferred that oversight authority to systemic risk (banking) regulators.

FEI’s Committee on Corporate Reporting (CCR) and FEI’s Committee on Private Companies Standards (CPC-S) were among organizations that had filed comment letters with the Chair and Ranking Member of the House Financial Services Committee, voicing their objection to any amendments that would impact the independent accounting-standard setting process. (See CCR letter and CPC-S letter.)

The ultimate resolution of this issue will depend on whether a similar provision is taken up in the Senate version of the bill, and how the bill is handled in conference.