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October 4, 2008

Realtors, Accountants Applaud House Passage of Financial Stability Bill



"The National Association of Realtors(R) is truly relieved that members of the U.S. House of Representatives, like their counterparts in the Senate, were able to come together in a bipartisan effort to pass the Emergency Economic Stability Act of 2008. As we have been saying, this legislation is critical to stopping the economic turmoil that millions of Americans are facing. Today's action will go a long way toward ending the current economic crisis crippling the housing and financial markets.

This legislation would quickly restore liquidity to the mortgage market, which would stabilize the housing market and protect homeowners. Mortgages as well as personal and small business loans would become more available and less costly. Protecting Main Street not only benefits individuals, families and communities, but also supports the larger U.S. economy.

We expect that the president will act quickly to sign and enact this bill. We thank President Bush for his steadfast leadership on this issue, commend all parties that worked on this legislation, and look forward to working together toward a strengthened economy for the benefit of all Americans."

- Richard F. Gaylord, President, National Association of Realtors. [National Association of Realtors, 430 North Michigan Avenue, Chicago, IL 60611, USA.]



"The House of Representatives' historic vote demonstrated leadership in difficult times. Americans and businesses, small and large, are already suffering financial challenges as a result of this crisis. This legislation is the first step in restoring liquidity in our economy. CPAs will roll-up our sleeves to do our part to help individuals and businesses move forward. The profession has already been actively reaching out through extensive financial literacy efforts to help Americans cope with the personal financial challenges they face.

The AICPA is pleased Congress avoided calls by some for an immediate suspension of fair value accounting rules. The bill includes a call for an objective study of mark-to-market accounting. We look forward to participating with the Securities and Exchange Commission and the Financial Accounting Standards Board in a thoughtful review.

Accounting standards are the keystone of our financial reporting system and are designed to provide investors and management with timely signals about the financial condition of our publicly-traded companies. Our longstanding position is that accounting standards ultimately should be set by the private sector."

- Barry Melancon, President, American Institute of Certified Public Accountants (AICPA). [HQ: AICPA, 1211 Avenue of the Americas, New York, NY 10036, USA. The American Institute of Certified Public Accountants is the national, professional association of CPAs, with more than 350,000 CPA members in business and industry, public practice, government, education, student affiliates, and international associates. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination.]


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Edited & Posted by the Editor | 12:50 PM | Link to this Post

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