In a speech at the National Press Club on June 26, 2009, Financial Accounting Standards Board Chairman Robert Herz outlined 4 major principles that he believes should guide financial regulatory reform. He noted threats to those principles include 'politicization' of accounting by 'special interests;' however, he acknowledged, "we certainly welcome active dialogue with lawmakers," and noted, "our system works because people advocate their causes."
Noting he believes "significant reforms are needed," Herz said the primary objective of financial regulatory reform should be to build "building a solid and sustainable platform for sound and stable economic growth through properly functioning financial markets that maintain public confidence in our system and our way of life.” The principles on which such reform should be based, said Herz, include transparency, infrastructure, balance/fairness, and global context.
Following his prepared remarks, Herz responded to questions posed by National Press Club President Donna Leinwand, a reporter with USA Today, selected from questions posted online and by attendees at the program.
The National Press Club has posted an archived video of Herz' remarks, including the Q&A; we understand the video will be posted for one week.
Read more details on Herz' remarks and his responses to questions during the Q&A that followed here.
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Gail Perry, CPA