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House Proceeding on Feb 27th, 2007 :: 0:29:22 to 0:33:52
Total video length: 1 hours 59 minutes Stream Tools: Stream Overview | Edit Time

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David Scott

0:29:22 to 0:29:32( Edit History Discussion )

David Scott: the speaker pro tempore: for what purpose does the gentleman from georgia rise? mr. scott: mr. speaker, i ask that the house suspend the rules and pass the bill h.r. 755. the speaker pro

David Scott

0:29:22 to 0:33:52( Edit History Discussion )
Speech By: David Scott

David Scott

0:29:32 to 0:29:46( Edit History Discussion )

David Scott: tempore: the clerk will report the title of the bill. the clerk: h.r. 755, a bill to require annual oral testimony before the financial services committee of the chairperson or the designee

David Scott

0:29:46 to 0:29:55( Edit History Discussion )

David Scott: of the chairperson of the securities and exchange commission, the financial accounting standards board and the public company accountings oversight board relating to their efforts to promote

David Scott

0:29:55 to 0:30:06( Edit History Discussion )

David Scott: transparency and financial reporting. the speaker pro tempore: pursuant to the rule, the gentleman from georgia, mr. scott, and the gentleman from kentucky, mr. davis, each will control

David Scott

0:30:06 to 0:30:20( Edit History Discussion )

David Scott: 20 minutes. the chair recognizes the gentleman from georgia. mr. scott: mr. speaker, i ask unanimous consent that all members may have five legislative days within which to revise and extend

David Scott

0:30:20 to 0:30:35( Edit History Discussion )

David Scott: their remarks on this legislation and to insert extraneous material therein. the speaker pro tempore: without objection. mr. speaker, i rise in support mr. scott: mr. speaker, i rise in support of

David Scott

0:30:35 to 0:30:49( Edit History Discussion )

David Scott: h.r. 755 and ask permission to revise and extend my remarks and i yield myself such time as i may consume. this promoting transparency and financial reporting act is a bipartisan bill. the house considered

David Scott

0:30:49 to 0:31:06( Edit History Discussion )

David Scott: this last year and passed on voice vote. the legislation, however, failed to become law during the 109th congress. and as a result, we now must consider these matters anew in the 110th congress.

David Scott

0:31:06 to 0:31:18( Edit History Discussion )

David Scott: h.r. 755 has a simple premise, mr. speaker. for the next five years, it would require annual testimony before the house financial services committee by those enter its most involved in establishing

David Scott

0:31:18 to 0:31:33( Edit History Discussion )

David Scott: and implementing our nation's financial reporting system. these parties include the securities and exchange commission, the financial accounting standards board and the public company and accounting

David Scott

0:31:33 to 0:31:46( Edit History Discussion )

David Scott: oversight board. since the 1930's, the securities and exchange commission has required public companies to file financial reports, like income statements and balance sheets. today, companies also

David Scott

0:31:46 to 0:32:02( Edit History Discussion )

David Scott: rely on the generally accepted accounting principles developed by the financial accounting standards board to prepare these reporting documents. this independent accounting standard setter

David Scott

0:32:02 to 0:32:20( Edit History Discussion )

David Scott: came into existence in the 1970's. the tidal wave of accounting scandals at the start of this decade led congress to reassess our nation's financial reporting system and adopt further reforms

David Scott

0:32:20 to 0:32:34( Edit History Discussion )

David Scott: in the sarbanes-oxley act. among other things, this landmark law created the public company accounting oversight board. this body establishes the auditing standards used to examine public

David Scott

0:32:34 to 0:32:47( Edit History Discussion )

David Scott: company accounting statements. it also registers and inspects the auditors of public companies. even without this legislation, the financial services committee is already working to examine

David Scott

0:32:47 to 0:32:59( Edit History Discussion )

David Scott: accounting and auditing issues and the work of each of these parties. earlier this month we approved an oversight plan for the 110th congress. serviceable of the action items in that --

David Scott

0:32:59 to 0:33:12( Edit History Discussion )

David Scott: several of the action items in that plan addresses accounting issues. for example, the oversight plan calls for the committee to review the efforts of the financial account rg standards

David Scott

0:33:12 to 0:33:52( Edit History Discussion )

David Scott: board to approve -- accounting standards board to approve financial standards. it calls us to study the progress being made on establishing international accounting standards. the plan further calls for

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