The chairman of the US House of Representatives Financial Services Committee has told a gathering of the American Accounting Association he has no intention of legislating accounting standards. Asked about a hearing where Financial Accounting Standards Board chairman Robert Herz was told he needed to revise mark-to-market and fair value accounting standards, Barney Frank said the subcommittee was only exerting pressure, not trying to legislate standards. Frank said: 'At that same subcommittee hearing, I announced that as long as I was chairman of the committee, we would never consider any legislation to mandate changes in accounting,' reports WebCPA. He said he wanted changes to mark-to-market and fair value, but as chairman of the committee he had the power to stop other lawmakers from making legislative changes to accounting standards by setting the agenda. John Campbell, another member of Frank's committee, said: 'We do not want to be politicising accounting standards. That will be a disaster.'