,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #defe  ,,in ,,the ,,house ,,of  
,,representatives  ,september #bg1      
#bjai,mr4 ,luetkemeyer introduced the   
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to amend the ,securities    
,act of #aicc to require the ,securities
 and ,exchange ,commission to issue a   
rule to apply the ,administrative       
,procedure ,act to the adoption of      
accounting principles by the standard   
setting body1 and to require the        
standard setting body to consider1 in   
adopting accounting principles1 the     
impact such principles will have on the 
broader ,u4,s4 economy1 market          
stability1 and availability of credit4  
#a4 ,short title ,this ,act may be cited
 as the ,responsible ,accounting        
,standards ,act of #bjai4  #b4          
,administrative procedures for adoption 
of accounting principles ,section       
#ai7;b7 of the ,securities ,act of #aicc
 7#ae ,u4,s4,c4 #ggs7b77 is amended by  

adding at the end the following3  7#c7  
,administrative procedures for adoption 
of accounting principles ,the           
,commission shall issue a rule requiring
 a standard setting body described in   
paragraph 7#a7 to follow procedures when
 adopting an accounting principle that  
are as close as practicable to those    
requirements for a ,federal agency      
issuing a rule under chapter #e of title
 #e1 ,united ,states ,code 7commonly    
referred to as the ,administrative      
,procedure ,act74  4  #c4 ,consideration
 of the impact of accounting principles 
on the broader ,u4,s4 economy1 market   
stability1 and availability of credit   
7a7 ,in general ,section                
#ai7;b77#a77;,a77v7 of the ,securities  
,act of #aicc 7#ae ,u4,s4,c4 #ggs7b77 is
 amended by inserting after investors   
the following3 1 and the impact such    
accounting principles will have on the  
broader ,u4,s4 economy1 market          
stability1 and availability of credit   
7particularly for low- and              

moderate-income borrowers74  7b7 ,report
 ,not later than the end of the #f-month
 period beginning on the date of        
enactment of this ,act1 any standard    
setting body described in section       
#ai7;b77#a7 of the ,securities ,act of  
#aicc shall issue a report to the       
,securities and ,exchange ,commission   
and the ,congress containing a list of  
changes the standard setting body has   
made or will make in order to ensure    
that the standard setting body takes    
into consideration the impact of        
accounting principles on the broader    
,u4,s4 economy1 market stability1 and   
availability of credit1 as required by  
the amendment made under subsection 7a74