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Contact:
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Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
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Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected]
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For Immediate Release
July 30, 2002
#02-35 |
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E-mail:
[email protected] |
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ACB WELCOMES NEW CORPORATE ACCOUNTING LAW
Statement by Curtis L. Hage, chairman, America’s Community Bankers, on the corporate accounting reform bill signed into law today:
Community banks welcome the increased trust and confidence that the law’s new requirements will inspire in investors and customers of publicly traded companies. Everyone will benefit from a greater arms-length relationship in the auditing process and the transparency that will come from more timely public disclosures. This law is good for banking and it is good for all businesses.
Banks will also benefit because they will have more reliable and more accurate information available on corporate customers seeking loans and other banking services.
As a highly regulated industry, banking already complies with rules governing loans to executive officers and directors. The new law rightly recognizes the importance of establishing similar requirements for public companies, while avoiding duplication by maintaining the existing statutory and regulatory structure for banks.
America’s Community Bankers is the national trade association committed to shaping the future of
banking by being the innovative industry leader strengthening the competitive position of
community banks. To learn more about ACB, visit
www.AmericasCommunityBankers.com.
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