What: All Issues : Labor Rights : Pension Protections : HR 3763. Auditing Regulations/Final Passage of Republican Version of New Accounting Industry Regulations. (2002 house Roll Call 110)
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HR 3763. Auditing Regulations/Final Passage of Republican Version of New Accounting Industry Regulations.
house Roll Call 110     Apr 24, 2002
Progressive Position:
Nay
Progressive Result:
Loss

The scandal at Enron left the confidence many had in the corporate accounting system shaken. Arthur Anderson, Enron's auditor, had ignored improprieties in Enron's books in order to preserve its position as Enron's business consultant. In response to this scandal and others like it, House Republicans proposed a bill that tightened regulatory controls on accounting industry. The bill set up an accounting oversight board at the Security and Exchange Commission, and directed this board to impose accounting standards, including a rule forbidding a firm from auditing and consulting for the same company. The bill also directed companies to report additional information in their financial statements and banned executives from financial transactions that employees' pension funds did not allow them to participate in. Though a step in the right direction, to Progressives the bill was far too small a step. They wanted to see stronger regulations and oversight and stricter accountability. Though they supported reform, they opposed the Republican version of it. However, they were strongly outnumbered, and the bill passed 334-90.

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