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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Hawkmoon who wrote (10109)	9/28/2008 10:39:32 PM
From: Hawkmoon	3 Recommendations Read Replies (1) of 33421

Will we actually even NEED $700 Billion to deal with this? The most critical portion of this legislation may have nothing to do with that money: SEC. 132. AUTHORITY TO SUSPEND MARK-TO-MARKET ACCOUNTING. (a) AUTHORITY.—The Securities and Exchange Commission shall have the authority under the securities laws as such term is defined in section 3(a)(47) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(47)) to suspend, by rule, regulation, or order, the application of Statement Number 157 of the Financial Accounting Standards Board for any issuer (as such term is defined in section 3(a)(8) of such Act) or with respect to any class or category of transaction if the Commission determines that is necessary or appropriate in the public interest and is consistent with the protection of investors. (b) SAVINGS PROVISION.—Nothing in subsection (a) shall be construed to restrict or limit any authority of the Securities and Exchange Commission under securities laws as in effect on the date of enactment of this Act.

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