Plea to Chairman Frank

A Congressional subcommittee hearing on mark-to-market accounting is due to take place on Thursday. To that end, on Monday, ABA, in a joint effort with 18 trade groups and all of the Federal Home Loan Banks, sent this letter to the House Financial Services Committee that articulated their desire that the aforementioned hearing prompts immediate action to correct mark-to-market accounting rules so that the losses they have brought about do not continue. The letter further emphasized the urgency that this issue demands with regards to enacting changes, due to the fact that these capital losses are quickly and unnecessarily destroying banks.