CFA joined with Council of Institutional Investors in writing a letter to Congressional leaders urging them to resist efforts to undermine the independence of the Financial Accounting Standards Board and the accounting standard-setting process as it moves forward with the next round of COVID relief. A measure was included in the CARES Act delaying a long-overdue FASB rule that changes the way banks account for bad loans. Now efforts are reportedly underway to apply the Administrative Procedure Act to the standard-setting process, further delaying an already lengthy review process. Citing the importance of FASB rules to ensuring the transparency of U.S. capital markets, the groups urged Congressional leaders to protect FASB and the standard-setting process from further undue political influence.