Fri Jul 25, 1:14 PM ET WASHINGTON (Reuters) - A senior U.S. lawmaker urged securities regulators to slow down a pending accounting change that could force banks to bring trillions of dollars back on their balance sheets, according to a letter obtained by Reuters on Friday.Republican Rep. Spencer Bachus of Alabama said in the letter, dated July 22, that the accounting change may have serious unintended consequences.
"Changes to securitization accounting could have a dramatic impact on the economy, the capital markets and consumers seeking credit," he said in the letter to the chairmen of the Securities and Exchange Commission and the accounting rule maker, the Financial Accounting Standards Board.
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