S. HRG. 105-360

DERIVATIVES DISCLOSURE AND ACCOUNTING

HEARING

BEFORE THE

SUBCOMMITTEE ON SECURITIES

OF THE

COMMITTEE ON

BANKING, HOUSING, AND URBAN AFFAIRS
UNITED STATES SENATE

ONE HUNDRED FIFTH CONGRESS

FIRST SESSION

ON

OVERSIGHT OF THE PROPOSALS BY THE SECURITIES AND EXCHANGE
COMMISSION AND THE FINANCIAL ACCOUNTING STANDARDS BOARD
FOR THE DISCLOSURE AND ACCOUNTING TREATMENT OF FINANCIAL
DERIVATIVES AND THE IMPACT OF THESE PROPOSALS ON INVESTOR
INFORMATION, MANAGEMENT OF FINANCIAL RISK, AND INTERNA-
TIONAL COMPETITIVENESS OF AMERICAN ENTERPRISES

MARCH 4 AND OCTOBER 9, 1997

Printed for the use of the Committee on Banking, Housing, and Urban Affairs

46-534 CC

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON: 1997

For sale by the U.S. Government Printing Office

Superintendent of Documents, Congressional Sales Office, Washington, DC 20402
ISBN 0-16-056250-3

Stanford Law Library

3 6105 06 164 180 4

COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS

ALFONSE M. D'AMATO, New York, Chairman

PHIL GRAMM, Texas
RICHARD C. SHELBY, Alabama
CONNIE MACK, Florida

LAUCH FAIRCLOTH, North Carolina
ROBERT F. BENNETT, Utah
ROD GRAMS, Minnesota
WAYNE ALLARD, Colorado
MICHAEL B. ENZI, Wyoming

CHUCK HAGEL, Nebraska

PAUL S. SARBANES, Maryland
CHRISTOPHER J. DODD, Connecticut
JOHN F. KERRY, Massachusetts
RICHARD H. BRYAN, Nevada
BARBARA BOXER, California

CAROL MOSELEY-BRAUN, Illinois
TIM JOHNSON, South Dakota
JACK REED, Rhode Island

HOWARD A. MENELL, Staff Director

STEVEN B. HARRIS, Democratic Staff Director and Chief Counsel
PHILIP E. BECHTEL, Chief Counsel
GEORGE E. WHITTLE, Editor

SUBCOMMITTEE ON SECURITIES
PHIL GRAMM, Texas, Chairman

RICHARD C. SHELBY, Alabama
WAYNE ALLARD, Colorado
ROBERT F. BENNETT, Utah
LAUCH FAIRCLOTH, North Carolina

CHRISTOPHER J. DODD, Connecticut
TIM JOHNSON, South Dakota
JOHN F. KERRY, Massachusetts
RICHARD H. BRYAN, Nevada

WAYNE A. ABERNATHY, Staff Director
ANDREW LOWENTHAL, Democratic Professional Staff Member

(II)