The Buffalo News: House Passes Lee Bill On Reporting Financial Data

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The House on Wednesday unanimously passed a bill introduced by Rep. Chris Lee, R-Clarence, that aims to protect investors and the general public from flawed reporting of financial data while making it easier for companies to comply with reporting standards.

The bipartisan bill would require the Securities and Exchange Commission, the Financial Accounting Standards Board and the Public Company Accounting Oversight Board to update Congress annually on efforts to make financial data more accessible to investors and to reduce the complexity of the financial reporting process.

"We won't be able to fully restore investor and consumer confidence unless we have a system that allows for the clearest and most accurate financial reporting," said Lee, a Clarence Republican who serves on the House Financial Services Committee.

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