Thoughts on FASB Decision on Bloomberg News

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... agreeing to resume resumption of mark-to-market accounting rules. these are just one of the hot topic debated today in washington, d.c., along with the president's budget plan. and one to introduce our guest, congressman steny hoyer. he is the house majority leader. we're glad to have you with us. what the make of this idea of fasb relaxing the rules? in large part, this has been to blame for some of the financial crisis. >> there's general agreement with the action that was taken. clearly, many of these troubled assets, these financial institutions have no intention of selling them at fire sale prices. therefore, value in them at fire sale prices is not accurate. it has frozen the ability of banks to do more lending. we need greater liquidity in the markets. i think this will help. >> on the flip side, some people say fine, it is hard to value these products, but we need to come up with some kind of amount and put it on the books. >> i think that is accurate. as you know, the fasb has been directed to accomplish that objective and set the rules. i think their analysis is essentially agreed to by the members of the financial committees on both the house and senate side that some adjustments were necessary, if we were going to get a greater liquidity. i've had the opportunity to talk to many of the local banks, and the smaller banks, and they're doing pretty well. it is the bigger banks that are having the problem. even the smaller banks, in terms of the accounting rules they had to apply, it has undermined their ability to make loans. >> we want to finish that thought with you and s to about what is one on with the budget. we will be back with congressman steny hoyer >> you should know the euro is rising on his comments from the ecb president, jean-claude trichet, in the key rate is not at its lowest limit. it does not expected to cut the deposit rate further. that is a new ad line crossing the bloomberg terminals to the the ecb will decide on new nonstandard measures next month. sounds like they're talking about quantitative easing and a little bit more of an aggressive strategy. euro xenon this news right now versus the dollar -- euro is rising. we want to go back to our guests, congressman steny hoyer. we're talking about the decision coming through from fasb, the ...