,i #aac? ,,congress #b;d ,session ,h4 ,r4 #dfgh ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,may #bj1 #bjad ,mr4 ,r5acci 7= himself1 ,mr4 ,c>ney1 ,mr4 ,ow5s1 ,mr4 ,kelly ( ,p5nsylvania1 ,mr4 ,joyce1 ,mr4 ,campbell1 ,mr4 ,buc%on1 ,mr4 ,web/] ( ,florida1 ,mr4 ,ribble1 ,mr4 ,kilm]1 ,mr4 ,coop]1 ,mr4 ,conaway1 ,mr4 ,/iv]s1 ,mr4 ,delaney1 & ,mr4 ,wel*7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ov]sight & ,gov]nm5t ,re=m1 & 9 addition to ! ,committee on ,ways & ,means1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to e/abli% ! ,f$]al ,acc\nt+ ,/&>ds ,advisory ,bo>d z an indep5d5t e/abli%m5t to develop ,f$]al f9ancial acc\nt+ concepts & /&>ds & provide guidance to us]s ( ,f$]al f9ancial in=mation1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,f$]al ,f9ancial ,/atem5t ,transp>5cy ,act ( #bjad4 #b4 ,f$]al ,acc\nt+ ,/&>ds ,advisory ,bo>d ,!re is e/abli%$ 9 ! executive bran* ( ! ,gov]nm5t an indep5d5t e/abli%m5t to be kn[n z ! ,f$]al ,acc\nt+ ,/&>ds ,advisory ,bo>d 79 ?is ,act ref]r$ to z ! ,bo>d74 #c4 ,memb]%ip 7a7 ,numb] & appo9tm5t ,! ,bo>d %all be compos$ ( #aj memb]s appo9t$ z foll[s3 7#a7 ,"o memb] %all be an employee ( ! ,gov]nm5t ,acc\ntability ,(fice1 appo9t$ by ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates 79 ?is ,act ref]r$ to z ! ,comptroll] ,g5]al74 7#b7 ,"o memb] %all be an employee ( ! ,(fice ( ,managem5t & ,budget1 appo9t$ by ! ,director ( ! ,(fice ( ,managem5t & ,budget 79 ?is ,act ref]r$ to z ! ,director74 7#c7 ,"o memb] %all be an employee ( ! ,dep>tm5t ( ! ,treasury1 appo9t$ by ! ,secret>y ( ! ,treasury 79 ?is ,act ref]r$ to z ! ,secret>y71 :o may n p>ticipate 9 any votes held pursuant to section #d7;c77#a74 7#d7 ,sev5 memb]s %all be appo9t$ f ! g5]al f9ancial community1 ! acc\nt+ & audit+ community1 or academia by an appo9tm5t panel consi/5t ) ! requirem5ts ( subsection 7d74 7b7 ,requirem5ts = non-,f$]al memb]s ,memb]s appo9t$ pursuant to subsection 7a77#d7 may n be select$ f among ,f$]al employees4 7c7 ,t]ms 7#a7 ,f$]al memb]s ,a memb] appo9t$ pursuant to p>agraph 7#a71 7#b71 or 7#c7 ( subsection 7a7 %all s]ve on ! ,bo>d at ! discretion ( ! head ( ea* ag5cy t appo9ts su* a memb]4 7#b7 ,non-,f$]al memb]s ,memb]s appo9t$ pursuant to subsection 7a77#d7 %all s]ve = a t]m n to exce$ #e ye>s & t1 ^u approval ( an appo9tm5t panel describ$ 9 subsection 7d71 may be r5ew$ = an additional t]m n to exce$ #e ye>s4 7d7 ,appo9tm5t panel 7#a7 ,initial appo9tm5t panel memb]%ip ,^u appo9tm5t1 ! memb] appo9t$ by ! ,comptroll] ,g5]al pursuant to subsection 7a77#a7 %all conv5e an appo9tm5t panel consi/+ ( n m ?an #f individuals z foll[s3 7,a7 ,! memb] appo9t$ by ! ,comptroll] ,g5]al pursuant to subsection 7a77#a71 :o %all s]ve z *air ( ! initial appo9tm5t panel4 7,b7 ,! memb]s appo9t$ by ! ,director & ! ,secret>y1 respectively1 pursuant to p>agraphs 7#b7 & 7#c7 ( subsection 7a74 7,c7 ,"o repres5tative f ! ,f9ancial ,acc\nt+ ,f\ndation 7or a successor organization74 7,d7 ,two repres5tatives f an organization t nationally repres5ts ! int]e/s ( ! c]tifi$ public acc\ntant pr(ession by-- 7i7 s]v+ z an advocate be=e legislative & regulatory entities1 public int]e/ organizations1 & pr(essional organizations2 7ii7 develop+ /&>ds = audits ( nonpublic entities & guidel9es = s]vices ( c]tifi$ public acc\ntants2 7iii7 provid+ pr(essional tools & tra9+ to c]tifi$ public acc\ntants2 & 7iv7 monitor+ & en=c+ compliance ) te*nical & e?ical /&>ds = c]tifi$ public acc\ntants4 7#b7 ,duties ( appo9tm5t panel ,! appo9tm5t panel e/abli%$ "u ?is subsection %all appo9t memb]s pursuant to subsection 7a77#d7 to s]ve on ! ,bo>d4 7#c7 ,expiration ,! *air %all dissolve ! appo9tm5t panel ^u completion ( ! duties describ$ 9 p>agraph 7#b74 7#d7 ,selection ( *air ( subsequ5t appo9tm5t panel ,! ,secret>y1 ! ,director1 & ! ,comptroll] ,g5]al %all select "o memb] appo9t$ pursuant to subsection 7a77#d7 to s]ve z ! *air ( ! ,bo>d & ! *air ( a subsequ5t appo9tm5t panel4 7#e7 ,subsequ5t appo9tm5t panel ,! *air select$ pursuant to p>agraph 7#d7 %all conv5e an appo9tm5t panel be=e ! expiration ( ! t]m ( ! ,bo>d memb]s appo9t$ pursuant to subsection 7a77#d74 #d4 ,duties2 concepts & /&>ds 7a7 ,duties ( ,,fasab ,! ,bo>d %all develop ,f$]al f9ancial acc\nt+ concepts or /&>ds & give consid]ation to ! budget>y in=mation ne$s ( executive ag5cies & ! ne$s ( us]s ( ,f$]al f9ancial in=mation4 7b7 ,re/riction on duties ,! ,bo>d may n set or propose budget concepts1 /&>ds1 or pr9ciples4 7c7 ,concepts & /&>ds 7#a7 ,,fasab vote ,! ,bo>d %all submit to ! ,director & ! ,comptroll] ,g5]al any ,f$]al f9ancial acc\nt+ concepts or /&>ds develop$ "u subsection 7a7 t receive a favorable vote by at lea/ #b_/c ( ! ,bo>d memb]s 7except z provid$ 9 section #c7;a77#c774 7#b7 ,,omb & ,,gao review 7,a7 ,automatic acceptance ,except z provid$ 9 subp>agraph 7,b71 ! concept or /&>d describ$ 9 p>agraph 7#a7 %all be submitt$ to ! ,secret>y at ! end ( ! #ij-;day p]iod beg9n+ on ! date ! ,director & ! ,comptroll] ,g5]al receive ! concept or /&>d4 7,b7 ,process = rejection ,if ! ,director or ! ,comptroll] ,g5]al disapproves ( ! concept or /&>d describ$ 9 p>agraph 7#a71 ! ,director or ! ,comptroll] ,g5]al %all1 n lat] ?an #ij days aft] receiv+ su* concept or /&>d1 reject su* concept or /&>d & submit su* concept or /&>d to ! ,bo>d = reconsid]ation4 7,c7 ,report = rejection ,n lat] ?an #e days aft] submitt+ ! concept or /&>d to ! ,bo>d = reconsid]ation1 ! ,director or ! ,comptroll] ,g5]al %all submit to ,congress & ! organization describ$ 9 section #c7;d77#a77;,d7 a report1 :i* %all be made available to ! public1 describ+ ! reject$ concept or /&>d & ! basis = ! rejection4 7#c7 ,,fasab publication ,at ! end ( ! p]iod describ$ 9 p>agraph 7#b77;,a71 ! ,bo>d %all publi% ! concept or /&>d submitt$ to ! ,secret>y pursuant to su* p>agraph 9 ! ,f$]al ,regi/]4 7#d7 ,treasury review 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 if ! ,secret>y decides n to adopt a concept or /&>d submitt$ pursuant to subsection 7c77#b77;,a71 ! ,secret>y %all submit1 along ) ! annual report submitt$ pursuant to section #cca7;e77#a7 ( title #ca1 ,unit$ ,/ates ,code1 a description ( any reject$ concept or /&>d & ! basis = ! rejection4 7,b7 ,exception = immat]ial deviations ,! requirem5ts ( subp>agraph 7,a7 d n apply if ! ,secret>y det]m9es t ! application ( ! concept or /&>d w\ld n h a mat]ial effect on ! annual report submitt$ pursuant to section #cca7;e77#a7 ( title #ca1 ,unit$ ,/ates ,code4 7d7 ,,gao audit ,if1 9 conduct+ an audit ( ! annual report submitt$ by ! ,secret>y pursuant to section #cca7;e77#a7 ( title #ca1 ,unit$ ,/ates ,code1 ! ,comptroll] ,g5]al f9ds a mat]ial deviation f g5]ally accept$ acc\nt+ pr9ciples 9 su* report1 ! ,secret>y %all submit to ! ,comptroll] ,g5]al an explanation = su* deviation n lat] ?an #cj days aft] notification ( su* deviation4 #e4 ,,fasab op]ations fund 7a7 ,e/abli%m5t ,! ,secret>y ( ! ,treasury %all e/abli% a fund1 to be available )\t fiscal ye> limitation1 to provide funds to ! ,bo>d = ! purpose ( c>ry+ out its duties "u ?is ,act4 7b7 ,am\nt ,! ,bo>d %all det]m9e ! annual co/ ( c>ry+ out its duties4 7c7 ,deposits ,beg9n+ on ! fir/ day ( ! fir/ full fiscal ye> t beg9s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury %all assess a fee on ea* sale ( a security "u *apt] #ca ( title #ca1 ,unit$ ,/ates ,code1 9 an annual aggregate am\nt equal to ! am\nt specifi$ 9 subsection 7b71 & deposit su* am\nt into ! fund4 7d7 ,use ( funds ,am\nts 9 ! fund may be us$ by ! ,bo>d1 = ! purpose ( c>ry+ out ! duties ( ! ,bo>d "u ?is ,act )\t fur!r appropriation1 beg9n+ on ! fir/ day ( ! fiscal ye> beg9n+ aft] ! fiscal ye> describ$ 9 subsection 7c74 #f4 ,effective date ,sections #c & #d ( ?is ,act %all take effect on ! date t am\nts 9 ! fund describ$ 9 section #e are transf]r$ to ! ,bo>d4