FEI President & CEO Supports SEC Chief Accountant’s Call To Action On Complexity

February 8, 2007

FEI Summary

In a letter dated Feb. 7, 2007, FEI President & CEO Michael P. Cangemi wrote to U.S. Securities and Exchange Commission (SEC) Chief Accountant Conrad Hewitt to express support for Hewitt’s call to action to reduce complexity in financial reporting.

Hewitt stated in a January 22^nd speech: “I want to work with the FASB, AICPA, PCAOB, FEI and others to begin a project to eliminate unnecessary complexity in financial reporting.”

Cangemi responded in his letter, “I was heartened to hear you express your sincere desire to work with the FASB, PCAOB, AICPA and [FEI] on finding an effective means to eliminate unnecessary complexity in financial reporting.” He added, “I welcome the opportunity to discuss this issue in greater detail and to assist you in developing an effective project that will focus on the important challenges of complexity in financial reporting.”

The complete text of Cangemi’s letter to Hewitt is available here. Additional information is available in this FEI Issue Alert on Complexity published January 31.