Alaskan Congressman Don Young released the following statement regarding a Government Accountability Office (GAO) study on the financial reporting requirements of Alaska Native Regional Corporations (ANCs) released today:
"This is yet another useless study asked for by the Ranking Member of the House Natural Resources Committee, and unfortunately a waste of the GAO's valuable time," Rep. Young said. The advocacy and concern for Alaska Natives by the Congressman from Massachusetts is appreciated, but it is difficult to find any sincerity in his actions.
"Following the release of the study which contained no recommendations or findings requiring further action, the Ranking Member has suggested problems where none exist, and proposed extreme government oversight and regulation by the Security and Exchange Commission (SEC). ANCs are governed by state law, and are required to prepare financial documents that are substantially in compliance with SEC reporting requirements. Notably, the accounting and audit field that is currently employed by ANCs is highly regulated, and noncompliance with standards would be reported to the Board and shareholders. Additionally, Compliance with federal securities laws, Sarbanes-Oxley and Dodd-Frank will cost Regional Corporations millions in fees to lawyers and accountants.
"In the end, the Congressman from Massachusetts is proposing to save Alaska Natives from themselves by costing their own ANCs millions of dollars. If this is his form of advocacy, he can give lessons on how to lose friends and alienate people."