The president of the American Bankers Association further described the fair value rule as 'a complete disaster'
US banking groups are once again lobbying authorities to suspend the use of fair value accounting rules which they because it requires them to record losses they don't expect to incur.
'We are suggesting that the SEC issue a temporary order to negate the negative impact,' said Scott Talbot, senior vice president of government affairs at the Washington-based Financial Services Roundtable.
The president of the American Bankers Association further described the fair value rule as 'a complete disaster'.
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