PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking.
Congressional Research Service
Version 00 · Introduced in Senate · Nov 13, 1997
Accurate Accounting Standards Certification Act of 1997 - Declares that accounting standards developed by the Financial Accounting Standards Board as of November 13, 1997, governing the treatment of derivatives and similar instruments shall not be considered to be generally accepted accounting principles. Prohibits their use by a depository institution for purpose of compliance with Federal banking law unless the appropriate Federal banking agency certifies in writing to the Congress that such standards: (1) reflect more accurately depository institution assets, liabilities, and earnings; and (2) will not have the effect of diminishing the use of risk management practices that would have the effect of inhibiting the safe and sound operation of a depository institution.
People & committees
Sen. Faircloth, Lauch [R-NC] · R–NC
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Banking.
Sponsor introductory remarks on measure. (CR S12604-12605)
Introduced in Senate
Primary sources
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Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
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