FOR IMMEDIATE RELEASE:

CONTACT: Jesse Jacobs
Thursday, February 7, 2002

202-224-4524


SARBANES ANNOUNCES
BANKING COMMITTEE HEARING
LOOKING AT ACCOUNTING AND
INVESTOR PROTECTION ISSUES

HEARING WILL LOOK AT INTERNATIONAL
ACCOUNTING STANDARDS

FEATURES PAUL VOLCKER, SIR DAVID TWEEDIE


Senator Paul S. Sarbanes, the Chairman of the Banking, Housing, and Urban Affairs Committee, announced that the full Committee will hold an oversight hearing on accounting and investor protection issues illustrated by the collapse of Enron Corp.

Testimony will focus on the International Accounting Standards Committee's accounting and auditing standards; an assessment of special purpose vehicles under these standards; and a discussion of efforts to achieve convergence in accounting standards around the world.

The hearing will be held:

THURSDAY, FEBRUARY 14, 2002
10:00 A.M.
538 DIRKSEN SENATE OFFICE BUILDING



Scheduled to testify are:

  • The Honorable Paul Volcker, Chairman of the Trustees of the International Accounting Standards Committee; Chairman of the recently-created Independent Oversight Board of Arthur Andersen LLP; and former Chairman of the U.S. Federal Reserve Board (1979-87); and
  • Sir David Tweedie - Chairman, International Accounting Standards Board; and former Chairman of the United Kingdom's Accounting Standards Board (1990-2000).

    • Other Banking Committee hearings are currently scheduled for February 12 and February 26.



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