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Levitt's Latest Foe Is Sen. Lauch Faircloth:Powerful Figure Could Hurt Levitt's SEC Renomination

Traders Magazine, December 1997

Jeffrey L. Winograd

Sen. Lauch Faircloth (R-N.C.) has come out swinging against a new derivative accounting rule proposed by the Financial Accounting Standards Board (FASB), a privately-funded independent agency.

Faircloth, head of the Senate Banking Committee's financial institutions and regulatory relief panel, has one enemy in mind the Securities and Exchange Commission. Faircloth said "the FASB has worked so closely with the SEC, this appears to be a regulatory dispute, not an accounting dispute."

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