WASHINGTON (Reuters) - The regulator for some of the biggest U.S. banks expressed opposition on Wednesday to suspending mark-to-market accounting rules to value bank assets, but said some tweaks might be needed.
Kevin Bailey, deputy comptroller of the currency, said in prepared testimony for a congressional hearing on Thursday that the accounting rules, also called fair value, provides the best estimate of the value of many types of financial instruments as of the measurement date.
"While additional steps can and should be taken to enhance existing standards, the OCC believes that it is inappropriate to suspend current fair value measurement," Bailey said.
Fair value rules have led to huge writedowns of mortgage- related securities and other instruments at banks at a time when markets are thin or nonexistent for some assets. more...
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