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The Consumer Federation of America raises concerns about the dire state of financial reporting in Corporate America

6/07/2021

Americans for Financial Reform is a progressive nonprofit organization which advocates for financial reform in the United States, including stricter regulation of Wall Street. AFR is a coalition of approximately 200 consumer, labor and special interest groups. AFR urge the SEC to take bold action to restore the financial reporting infrastructure on which investor protection, the fair and orderly functioning of our markets, and the efficiency of the capital formation process all depend.

AFR has joined a letter led by The Consumer Federation of America (CFA) to the Securities and Exchange Commission (SEC) raising concerns about the dire state of financial reporting in Corporate America. The letter calls for the SEC to reconstitute the Financial Accounting Standards Board (FASB) and Financial Accounting Foundation with experienced investor members, properly provide the Public Company Accounting Oversight Board (PCAOB) with necessary resources to fulfill its mission, and appoint investor representatives as Chief and Deputy Chief Accountants at the Commission. Read further at https://ourfinancialsecurity.org/wp-content/uploads/2021/06/Repair-the-Financial-Reporting-Infrastructure-Sign-on-Letter.pdf

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