Do you know that acronym? If not, you need to learn it. Moving the US toward the International Financial Reporting Standards will be a top priority of the new SEC commissioners -- including Troy Paredes -- once they are confirmed later this year. The Senate Committee on Banking held hearings on the new commissioners on Tuesday, and Chairman Dodd gave the right signals for confirmation: "I want to get people in place and start making decisions. Too much is at stake with this housing mortgage crisis, the economic crisis.... The SEC needs to function. We've got some huge issues out there."

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