The American Institute of CPAs testified before Congress in favor of exempting CPAs from oversight by the proposed Consumer Financial Protection Agency, arguing that CPAs are already highly regulated.
At a recent hearing before the House Committee on Small Business, new AICPA chairman Bob Harris said that small businesses such as his CPA firm would be harmed if they were subject to regulation by the agency. The Obama administration has proposed the creation of the new agency to help protect consumers from abusive mortgages and credit card terms, and other deceptive financial practices.
"We believe it is critical to consider the plan's effect on small business to ensure that it does not stifle the innovation, creativity and inventiveness of the American entrepreneur that has driven our economic engine," said Harris, who is managing partner of Harris, Cotherman, Jones, Price & Associates, an 11-CPA firm in Vero Beach, Fla.
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