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New Rules for Accounting Standards Setters

This act introduces new rules for accounting standards-setting bodies, affecting how companies report their finances. The changes aim to increase transparency and accountability, which can help citizens better understand the financial health of companies they invest in or interact with.
Key points
Accounting standards bodies must now operate more openly, similar to government agencies, meaning more public meetings and cost-benefit analyses.
The heads of these bodies will be required to testify annually before Congress, increasing their accountability to citizens.
The changes aim to ensure that accounting principles are developed with consideration for their impact on the economy and business costs.
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Additional Information
Print number: 117_HR_9315
Sponsor: Rep. Luetkemeyer, Blaine [R-MO-3]
Process start date: 2022-11-16
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Responsible Accounting Standards Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_9315.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-11-16.

What are the main provisions?

Key points include:

  • Accounting standards bodies must now operate more openly, similar to government agencies, meaning more public meetings and cost-benefit analyses.
  • The heads of these bodies will be required to testify annually before Congress, increasing their accountability to citizens.
  • The changes aim to ensure that accounting principles are developed with consideration for their impact on the economy and business costs.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Luetkemeyer, Blaine [R-MO-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy Courts and Law