As technical director of the Financial Accounting Standards Board (FASB), Russell Golden is the person to whom financial institutions have been addressing their comment letters on a controversial proposal that would expand the use of fair value accounting.
Starting Oct. 1, bankers will be even more interested in seeking Golden's attention.
FASB said Golden would take the seat of Robert Herz, who plans to retire Sept. 30. The appointment makes him one of five people — and eventually one of seven, as the FASB plans to expand its board membership by two — who will determine the fate of the fair value proposal.
Board member Leslie Seidman already has been selected to take over Herz's duties as chairman, on an interim basis. The Golden announcement, which came late last week, did not change that plan.