Frequently Asked Questions

What does the AFP Government Relations department do?
The Government Relations department advocates a sensible and balanced approach to government involvement in business activities. Through monitoring and identifying legislation and regulations that affect AFP's members, the Government Relations department works to develop a favorable business climate through dialogue with key decision-makers.

What information can be found in the Government Relations Web area?  Do I have to be a member to access it?
The Government Relations Web area includes department- and related volunteer task forces-produced research publications including Legislative and Regulatory Status Update, as well as congressional testimonies, comment letters and press releases. There is also a link to the Derivatives Monitor. Non-AFP members have access to testimonies, comment letters and press releases. However, both Legislative and Regulatory Status Update and Derivatives Monitor are available only to AFP members with registered usernames and passwords.

What is the Legislative and Regulatory Status Update?
Legislative and Regulatory Status Update is a monthly online resource that tracks legislative, regulatory, accounting and financial reporting, as well as payment and standards issues affecting the finance and treasury professions. It is a free AFP member benefit.  Non-members may access issue highlights.

What are some of the legislative and regulatory issues AFP is involved with?
Interest on Business Checking -- Regulation Q Repeal
Internet Tax Ban
Deposit Insurance Reform
Capital Rules -- risk-based capital standards
Payments Risk Policy
FASB Exposure Drafts
Reporting Financial Performance
Disclosures of Intangible Assets

For more information on any of these issues, see Legislative and Regulatory Status Update.

What is the Derivatives Monitor?
Derivatives Monitor is a monthly online publication that tracks recent legal, legislative and regulatory developments affecting derivatives instruments. It is a free AFP member benefit.

Does Government Relations have any committees or task forces?

Government Relations Committee
The Government Relations Committee provides professional/technical expertise in representation of AFP's positions to federal officials, legislators, regulatory agencies, related associations, and the AFP membership.

Payments and Technology Task Force
The Payments and Technology Task Force represents interests of AFP members in payments issues with federal agencies and congressional committees; promotes migration of paper payments to electronic form; and serves as liaison to AFP's Payments Advisory Group.

Financial Accounting and Investor Relations Task Force
The Financial Accounting and Investor Relations Task Force monitors activities of the Financial Accounting Standards Board (FASB), International Accounting Standards Board (IASB), American Institute of Certified Public Accountants (AICPA), Securities Exchange Commission (SEC) and other government entities affecting corporate financial reporting and accounting standards; identifies trends and patterns.

Financial Markets Task Force
The Financial Markets Task Force monitors developments in banking structure; analyzes and reports the impacts of bank consolidation and interstate banking trends; represents AFP in financial services modernization, Regulation Q and deposit insurance issues; serves as a bank customer resource.

What congressional and regulatory committees do the Government Relations committees and task forces work with?
Government Relations task forces work with the Senate Banking Committee and the House Financial Services Committee, as well as other congressional committees encompassing government operations, finance, commerce and agriculture. Task forces are also involved in the activities of the Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), Department of Treasury, Internal Revenue Service (IRS) and the Securities and Exchange Commission (SEC).

What is a PAC?
A political action committee (PAC) is a segregated fund authorized by the Federal Election Campaign Act of 1971 and established by an organization for making political contributions. PACs allow organizations to contribute money to federal elections, control the disbursement of funds, solicit contributions from an organization's members, and accept contributions from any lawful source.

Does AFP have a PAC?
Yes. AFP's board of directors authorized a PAC in March 1999. The PAC maintains and improves access to key congressional committee members and helps shape legislation impacting treasury and finance.

How can I get more information about AFP's Government Relations?
If you have additional questions after reviewing the information on the Government Relations Web page, contact AFP's Reference Desk by using the Reference Desk's Online Request Form, e-mailing us at AFP@AFPonline.org, or calling 301.961.8802.