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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.
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