Advocacy - Frequently Asked Questions
What is AFP's approach to advocacy?
AFP advocates a sensible and balanced approach to government involvement in business activities. Through monitoring and identifying legislation and regulations that affect the finance profession, AFP works to develop a favorable business climate through dialogue with key decision-makers.
What information is available? Do I have to be a member to access it?
Publications and research reports produced by AFP staff and volunteer task forces include congressional testimonies, comment letters and press releases, which are publicly available, and Legislative and Regulatory Status Update, which is available only to AFP members.
What is the Legislative and Regulatory Status Update?
Legislative and Regulatory Status Update is a monthly online newsletter 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 has been 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 task forces advance AFP's advocacy efforts?
Government Relations CommitteeThe 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 ForceThe 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 ForceThe 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 ForceThe 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, and serves as a bank customer resource.
Which congressional and regulatory committees does AFP work with?
AFP 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 advocacy efforts?
Contact AFP@AFPonline.org, or call 301.961.8853.