,i #aacth ,,congress #b;d ,session ,h4 ,r4 #dfgh ,,in ,,the ,,house ,,of ,,representatives ,may #bj1 #bjad ,mr4 ,renacci 7for himself1 ,mr4 ,carney1 ,mr4 ,owens1 ,mr4 ,kelly of ,pennsylvania1 ,mr4 ,joyce1 ,mr4 ,campbell1 ,mr4 ,bucshon1 ,mr4 ,webster of ,florida1 ,mr4 ,ribble1 ,mr4 ,kilmer1 ,mr4 ,cooper1 ,mr4 ,conaway1 ,mr4 ,stivers1 ,mr4 ,delaney1 and ,mr4 ,welch7 introduced the following bill2 which was referred to the ,committee on ,oversight and ,government ,reform1 and in addition to the ,committee on ,ways and ,means1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to establish the ,federal ,accounting ,standards ,advisory ,board as an independent establishment to develop ,federal financial accounting concepts and standards and provide guidance to users of ,federal financial information1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,federal ,financial ,statement ,transparency ,act of #bjad4 #b4 ,federal ,accounting ,standards ,advisory ,board ,there is established in the executive branch of the ,government an independent establishment to be known as the ,federal ,accounting ,standards ,advisory ,board 7in this ,act referred to as the ,board74 #c4 ,membership 7a7 ,number and appointment ,the ,board shall be composed of #aj members appointed as follows3 7#a7 ,one member shall be an employee of the ,government ,accountability ,office1 appointed by the ,comptroller ,general of the ,united ,states 7in this ,act referred to as the ,comptroller ,general74 7#b7 ,one member shall be an employee of the ,office of ,management and ,budget1 appointed by the ,director of the ,office of ,management and ,budget 7in this ,act referred to as the ,director74 7#c7 ,one member shall be an employee of the ,department of the ,treasury1 appointed by the ,secretary of the ,treasury 7in this ,act referred to as the ,secretary71 who may not participate in any votes held pursuant to section #d7;c77#a74 7#d7 ,seven members shall be appointed from the general financial community1 the accounting and auditing community1 or academia by an appointment panel consistent with the requirements of subsection 7d74 7b7 ,requirements for non-,federal members ,members appointed pursuant to subsection 7a77#d7 may not be selected from among ,federal employees4 7c7 ,terms 7#a7 ,federal members ,a member appointed pursuant to paragraph 7#a71 7#b71 or 7#c7 of subsection 7a7 shall serve on the ,board at the discretion of the head of each agency that appoints such a member4 7#b7 ,non-,federal members ,members appointed pursuant to subsection 7a77#d7 shall serve for a term not to exceed #e years and that1 upon approval of an appointment panel described in subsection 7d71 may be renewed for an additional term not to exceed #e years4 7d7 ,appointment panel 7#a7 ,initial appointment panel membership ,upon appointment1 the member appointed by the ,comptroller ,general pursuant to subsection 7a77#a7 shall convene an appointment panel consisting of not more than #f individuals as follows3 7,a7 ,the member appointed by the ,comptroller ,general pursuant to subsection 7a77#a71 who shall serve as chair of the initial appointment panel4 7,b7 ,the members appointed by the ,director and the ,secretary1 respectively1 pursuant to paragraphs 7#b7 and 7#c7 of subsection 7a74 7,c7 ,one representative from the ,financial ,accounting ,foundation 7or a successor organization74 7,d7 ,two representatives from an organization that nationally represents the interests of the certified public accountant profession by-- 7i7 serving as an advocate before legislative and regulatory entities1 public interest organizations1 and professional organizations2 7ii7 developing standards for audits of nonpublic entities and guidelines for services of certified public accountants2 7iii7 providing professional tools and training to certified public accountants2 and 7iv7 monitoring and enforcing compliance with technical and ethical standards for certified public accountants4 7#b7 ,duties of appointment panel ,the appointment panel established under this subsection shall appoint members pursuant to subsection 7a77#d7 to serve on the ,board4 7#c7 ,expiration ,the chair shall dissolve the appointment panel upon completion of the duties described in paragraph 7#b74 7#d7 ,selection of chair of subsequent appointment panel ,the ,secretary1 the ,director1 and the ,comptroller ,general shall select one member appointed pursuant to subsection 7a77#d7 to serve as the chair of the ,board and the chair of a subsequent appointment panel4 7#e7 ,subsequent appointment panel ,the chair selected pursuant to paragraph 7#d7 shall convene an appointment panel before the expiration of the term of the ,board members appointed pursuant to subsection 7a77#d74 #d4 ,duties2 concepts and standards 7a7 ,duties of ,,fasab ,the ,board shall develop ,federal financial accounting concepts or standards and give consideration to the budgetary information needs of executive agencies and the needs of users of ,federal financial information4 7b7 ,restriction on duties ,the ,board may not set or propose budget concepts1 standards1 or principles4 7c7 ,concepts and standards 7#a7 ,,fasab vote ,the ,board shall submit to the ,director and the ,comptroller ,general any ,federal financial accounting concepts or standards developed under subsection 7a7 that receive a favorable vote by at least #b_/c of the ,board members 7except as provided in section #c7;a77#c774 7#b7 ,,omb and ,,gao review 7,a7 ,automatic acceptance ,except as provided in subparagraph 7,b71 the concept or standard described in paragraph 7#a7 shall be submitted to the ,secretary at the end of the #ij-;day period beginning on the date the ,director and the ,comptroller ,general receive the concept or standard4 7,b7 ,process for rejection ,if the ,director or the ,comptroller ,general disapproves of the concept or standard described in paragraph 7#a71 the ,director or the ,comptroller ,general shall1 not later than #ij days after receiving such concept or standard1 reject such concept or standard and submit such concept or standard to the ,board for reconsideration4 7,c7 ,report for rejection ,not later than #e days after submitting the concept or standard to the ,board for reconsideration1 the ,director or the ,comptroller ,general shall submit to ,congress and the organization described in section #c7;d77#a77;,d7 a report1 which shall be made available to the public1 describing the rejected concept or standard and the basis for the rejection4 7#c7 ,,fasab publication ,at the end of the period described in paragraph 7#b77;,a71 the ,board shall publish the concept or standard submitted to the ,secretary pursuant to such paragraph in the ,federal ,register4 7#d7 ,treasury review 7,a7 ,in general ,except as provided in subparagraph 7,b71 if the ,secretary decides not to adopt a concept or standard submitted pursuant to subsection 7c77#b77;,a71 the ,secretary shall submit1 along with the annual report submitted pursuant to section #cca7;e77#a7 of title #ca1 ,united ,states ,code1 a description of any rejected concept or standard and the basis for the rejection4 7,b7 ,exception for immaterial deviations ,the requirements of subparagraph 7,a7 do not apply if the ,secretary determines that the application of the concept or standard would not have a material effect on the annual report submitted pursuant to section #cca7;e77#a7 of title #ca1 ,united ,states ,code4 7d7 ,,gao audit ,if1 in conducting an audit of the annual report submitted by the ,secretary pursuant to section #cca7;e77#a7 of title #ca1 ,united ,states ,code1 the ,comptroller ,general finds a material deviation from generally accepted accounting principles in such report1 the ,secretary shall submit to the ,comptroller ,general an explanation for such deviation not later than #cj days after notification of such deviation4 #e4 ,,fasab operations fund 7a7 ,establishment ,the ,secretary of the ,treasury shall establish a fund1 to be available without fiscal year limitation1 to provide funds to the ,board for the purpose of carrying out its duties under this ,act4 7b7 ,amount ,the ,board shall determine the annual cost of carrying out its duties4 7c7 ,deposits ,beginning on the first day of the first full fiscal year that begins after the date of enactment of this ,act1 the ,secretary of the ,treasury shall assess a fee on each sale of a security under chapter #ca of title #ca1 ,united ,states ,code1 in an annual aggregate amount equal to the amount specified in subsection 7b71 and deposit such amount into the fund4 7d7 ,use of funds ,amounts in the fund may be used by the ,board1 for the purpose of carrying out the duties of the ,board under this ,act without further appropriation1 beginning on the first day of the fiscal year beginning after the fiscal year described in subsection 7c74 #f4 ,effective date ,sections #c and #d of this ,act shall take effect on the date that amounts in the fund described in section #e are transferred to the ,board4