Top elected leaders of the accounting profession from all 50 states are visiting Capitol Hill today to talk to members of Congress about key legislative issues of importance to the accounting profession.
"Congress is preparing to undertake what could prove to be a sweeping overhaul of our financial regulatory structure," said AICPA President and CEO Barry Melancon. "The AICPA has adopted a series of specific proposals to improve transparency and confidence in markets. We think it's important for members of Congress to hear from CPAs about the complex and difficult issues confronting the nation."
Members of the AICPA's governing Council, consisting of 350 leaders from all 50 states, are concluding a three-day meeting in Washington, D.C. today. Council members heard presentations from key lawmakers Senator Jack Reed, Democrat of Rhode Island, House Minority Whip Representative Eric Cantor, a Virginia Republican, Representative Joseph Crowley, a New York Democrat, and Representative Lynn Jenkins, a Kansas Republican. Reed is chairman of the Senate Banking Committee Securities, Insurance and Finance Subcommittee. Cantor is House Minority Whip.
"As the country and our leaders grapple with this financial crisis, CPAs as trusted advisors have stepped up to help Americans - individuals and businesses large and small - solve problems by providing sound, objective advice," Melancon said.
Americans look for guidance from their financial advisors, controllers and chief financial officers - CPAs who are on the frontlines of today's economic challenges. In January, the AICPA launched an online Economic Crisis Resource Center to provide members and the public with an array of useful and timely information and tools.
CPA leaders will be holding hundreds of meetings with House and Senate members today and tomorrow. In addition to specific proposals for improving audit requirements for broker-dealers, hedge funds, and investment advisors, legislative issues CPAs will be discussing include preserving independent, private-sector accounting standard-setting, reforming interstate taxation of mobile workers' incomes and banning patents of tax planning methods.