The markets have been rising steadily (and on some days, significantly) for about four weeks. Here's Jack Healy in today's NYT:
"Although the rule change was widely expected, the decision helped sustain a rally that has raised the major averages more than 20 percent from their low points of March 9. Over the last month, investors have pinned their hopes on faint signs of improvement in retail spending, home sales, consumer spending and orders for durable goods."The News Hour report said that the FASB consists of five appointees. I've just done some Wikipedia research and learned the following:
- The FASB is not a governmental entity - it's a private non-profit.
- It was founded in 1973 and is designated by the SEC as "as the organization responsible for setting accounting standards for public companies in the U.S" (including GAAP).
- The current chairman is Robert Herz.