What: All Issues : Labor Rights : HR 3763. Auditing Regulations/Vote on Democratic Version of New Accounting Industry Regulations. (2002 house Roll Call 108)
 Who: All Members : New York, District 2 : King, Pete
[POW!]
 
HR 3763. Auditing Regulations/Vote on Democratic Version of New Accounting Industry Regulations.
house Roll Call 108     Apr 24, 2002
Member's Vote
(progressive
or not)
Progressive Position
Progressive Result
(win or loss)

The scandal at Enron served as a clarion call to those who sought to reform the financial auditing system. When auditing Enron's books, Anderson had looked the other way on accounting improprieties in order to keep its lucrative consulting relationship with the company. To prevent this scandal and others like it, House Republicans proposed a reform bill that established an accounting oversight board with powers to set some rules, and they directed this new board to ban an accounting firm from simultaneously consulting and auditing for the same company. Progressives and Democrats in general felt this did not go far enough. LaFalce (D-NY) proposed a substitute reform bill that created a public regulator to oversee audits, banned financial analysts from owning stock in the companies they covered, established a number of new restrictions on companies and the firms that audit them, and imposed tougher penalties for violations. Progressives favored this tougher approach because they believed the private auditing system was broken and allowed executives to hide a company's problems. Virtually all other Democrats agreed with them, but Republicans were determined not to regulate more than they felt necessary. On an almost perfect party-line vote, LaFalce's substitute was rejected, 202-219.

N Y L
Issue Areas:
Key: Y=Yea, N=Nay, W=Win, L=Loss