Are we seeing some positive developments from the USA?

In a recent report in the Los Angeles Times, Paul Volcker - a former Federal Reserve chairman who leads a panel advising Obama on economic recovery – was quoted as saying:

"Political bodies in Europe and the United States or any other country are simply not the appropriate venue for reaching well-considered judgments that can be enforced internationally,"

Volcker said there is a "strong case" for reviewing so-called "fair value" rules that determine the value of assets of banks, insurers and other institutions. He said efforts to enforce "mark-to-market" rules on assets fueled confusion and uncertainty.  But he said that while more international consistency is required in accounting standards, politicians should avoid excessive involvement.

Let’s hope they listen.

 Mark to Market  1 Comments June 15th, 2009