PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Congressional Research Service
Version 00 · Introduced in House · Mar 14, 2002
Truth and Accountability in Accounting Act of 2002 - Directs: (1) the Securities and Exchange Commission (SEC) to review annually the impact of unresolved accounting standards issues on the clarity, transparency, and quality of financial reporting by publicly traded companies; (2) the Financial Accounting Standards Board (FASB) to respond to such report; and (3) the General Accounting Office (GAO) to evaluate such review mechanisms.Amends the Federal Power Act to instruct the Federal Energy Regulatory Commission (FERC) to promulgate criteria for waivers and exemptions pertaining to: (1) securities issuance and assumption of liabilities; (2) accounts and records; (3) reports and obstructing filing reports or keeping accounts; and (4) officials dealing in securities.Places a limited moratorium on certain waivers and exemptions.Instructs FERC to summarize annually for certain congressional committees the financial and operating condition of power marketers, including the key trends or issues affecting the capital structure and financial condition of such marketers, and the use of leverage, derivatives transactions, and other material information.Amends the Securities Exchange Act of 1934 to mandate certification of financial statements by corporate officers.Directs the Securities and Exchange Commission (SEC) to establish an Independent National Board of Accountancy (INBA) to exercise oversight and information collection jurisdiction over accounting and auditing firms. Grants the INBA enforcement authority, and establishes civil money penalties for specified offenses.Vests the SEC with responsibility for promulgating and interpreting auditor independence rules. Directs INBA to seek to promote auditor independence. Places INBA under SEC oversight.Subjects certain foreign public accounting firms to the requirements of this Act.
People & committees
Rep. Dingell, John D. [D-MI-16] · D–MI
Legislative record
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Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Referred to the Subcommittee on Commerce, Trade and Consumer Protection, for a period to be subsequently determined by the Chairman.
Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 19, 2025. Consult Congress.gov for the current record.
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Analyze H.R.3970 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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