Financial Crisis News Center

Use this page to follow the headlines surrounding the current recession, potential tax reform and forthcoming financial regulatory reform.

Quick Links

• Tax Reform
• Regulatory Reform
• Fair Value
• More OSCPA Recession Resources
• The Emergency Economic Stabilization Bill of 2008
• More Financial Crisis Resources

Continuing news coverage…

• CFO optimism rising
  CFOs report a continued up-tick in optimism toward both the U.S. economy and their own companies, according to the Financial Executives International’s (FEI) fourth quarter CFO Outlook Survey.
  
  
• Federal task force targets bankers at fault for financial crisis
  A new interagency task force created by President Obama in November is focusing on financial fraud and targeting bankers whose actions contributed to the financial crisis for possible prosecution.
  
  
• CPAs remain cautious on economic outlook
  The economic optimism level for CFOs and CPA executives is beginning to level off after increasing in the second and third quarters of 2009, according to AICPA’s Fourth Quarter Economic Outlook Survey. 
  
  
• President creates new task force to fight financial fraud
  President Barack Obama issued an executive order creating a new task force that seeks more cooperation among federal, state and local government officials, to investigate and prosecute cases in an effort to combat financial fraud.
  
  
• CPAs have sixth best job in America
  Salaries predicted to fall slightly
  CPAs came in sixth on CNN Money's list of the 50 best jobs in America. CNN looked at salary, growth prospects and meaningful work as they compiled the list.

Financial Regulatory Reform

• House passes sweeping regulatory reform package
  In sweeping financial regulatory reform legislation passed in the U.S. House on Friday, CPA services remain largely exempt from oversight of the proposed new Consumer Financial Protection Agency.
  
  
• Senate proposes alternate financial regulatory reform legislation
  Senator Christopher Dodd, D-Conn., unveiled new legislation that proposes sweeping reform the nation’s financial regulatory system, providing an alternative to the version that made its way through the House Financial Services Committee recently.
  
  
• AICPA, SEC & FEI unite in support of FASB’s independence
  The AICPA strongly opposes new legislation that places oversight of FASB under a new agency being created to oversee systemic risk and could ultimately “undermine the independent accounting standard process as currently carried out by the FASB.”
  
  
• U.S. Senate expected to introduce alternative regulatory reform bill
  The U.S. Senate is close to producing its own draft legislation on financial regulation. However, the legislation complicates President Obama’s current pending legislation and may eliminate chances for passing a bipartisan law this year.
  
  
• OSCPA joins opponents of proposed Consumer Financial Protection Agency
  The U.S. Chamber of Commerce reinforced its opposition to H.R. 3126, which proposes creating a new agency, the Consumer Financial Protection Agency (CFPA).

American Recovery and Reinvestment Act of 2009

(a.k.a., Stimulus Act)

• Podcast – Stimulus bill: the American Recovery and Reinvestment Tax Act of 2009
• CCH ARRA Quick Facts
• CCH ARRA Tax Briefing
• AICPA Summary of the American Recovery and Reinvestment Act of 2009

The Emergency Economic Stabilization Bill of 2008

The Emergency Economic Stabilization Bill of 2008 is a historic financial markets rescue bill that contains more than 100 tax provisions and over $150 billion in separate tax breaks. The provisions range from special capital gain rules on certain securities to a one-year extension on the AMT patch.

More resources and news regarding Emergency Economic Stabilization Act of 2008

• Emergency Economic Stabilization Act (final text)
• Receive discounts on CCH Stabilization Act books and resources
• CCH overview of major tax provisions in Emergency Economic Stabilization Act of 2008
• CCH White Paper: The Economic Bailout: An Analysis of the Economic Emergency Stabilization Act
  

More financial crisis resources

OSCPA Career Center and Employment Toolbox Job hunting resources in the economic crisis Post your resume for free, browse the job postings and gather valuable insight and guidance as you conduct your job search.

• Career Coaching from OSCPA 
• Per Diem Job Board provides opportunities for members out of work or in transition
• Emergency Economic Stabilization Bill of 2008 
• AICPA Economic Crisis Resource Center
• CCH Financial Crisis News Center

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