Robert Herz, a senior partner with PricewaterhouseCoopers in New York, has been named as the new chairman of the US Financial Accounting Standards Board (FASB), the body responsible for derivatives Financial Accounting Standard 133.Herz succeeds Edmund Jenkins, who will retire on June 30 upon completion of his five-year term.
Jenkins warned Congress in March not to take its post-Enron zeal for market regulation too far. He was responding to proposed legislation that would give the US Securities and Exchange Commission and Congress greater power to oversee FASB activities.
Herz is a partner on PricewaterhouseCoopers' US and global boards. He also serves as a part-time member of the International Accounting Standards Board.
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