Lawmakers have backed away from a proposal that would have weakened the Securities and Exchange Commission's oversight of accounting standard-setters.

Reps. Ed Perlmutter (D-Colo.) and Frank Lucas (R-Okla.) introduced a bill earlier this year that would have created a new body to oversee the Financial Accounting Standards Board. It would have comprised the Treasury Department, Federal Reserve, and Federal Deposit Insurance Corp., as well as the SEC.

The bill never gained traction amid criticism from accounting firms and investor advocates who feared it would allow the proposed Financial Services Oversight Council an unacceptable degree of influence over accounting rules.

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