Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, made the following statement today following the unanimous vote of the Financial Accounting Standards Board to set new rules for accounting for intangible assets in corporate mergers.

"Today's decision underscores the importance of a good working relationship between Congress and FASB," Gramm said. "While the board made its own decision, its members clearly heard the concerns and ideas that were expressed in our Banking Committee hearings and took them to heart. The result is an approach to goodwill that makes sense for companies and investors."