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U.S. HOUSE OF REPRESENTATIVES
COMMITTEE ON FINANCIAL SERVICES
DEMOCRATIC STAFF
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FOR IMMEDIATE RELEASE
January 7, 2003 |
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Contact: Jennifer Porter Gore
202-225-4247
Kay Gibbs
202-225-7054 |
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Statement of Rep. Barney Frank (D-MA), Ranking Member of the House Financial Services Committee, on Funding of the Public Company Accounting Oversight Board |
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"I was pleased at the bipartisan approach Chairman Oxley and I have been able to take on the important issue of funding for the Public Company Accounting Oversight Board and hope the Appropriations Committee responds by including the necessary language in the Continuing Resolution to ensure needed funding.
"I have, however, been frustrated that the Administration has consistently dragged its feet on this critical issue and has continually changed its assessment and explanation of what is and is not needed to get the Board funded. House Democrats tried to get the language necessary to get the Board funded in the November Continuing Resolution but were blocked by a party line vote. The Treasury Department subsequently indicated no further authorizing language was necessary. OMB is now saying that language is indeed required. I hope we can now move quickly to get the Board funded."
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The House Financial Services Committee oversees the U.S. financial services sector including the banking, insurance, real estate, and securities industries. The Committee is also responsible for housing and urban development agencies, Government Sponsored Enterprises (GSEs), as well as agencies engaged in international development and finance. As part of its jurisdiction, the Committee ensures enforcement of landmark consumer protection statutes such as the Truth In Lending Act, the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, the Community Reinvestment Act, and financial privacy laws. http://www.house.gov/banking_democrats <> |
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[Click here for text of the letter.] | 