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A surprisingly small number of letters from concerned citizens can catch the attention of our elected officials, especially letters from voting constituents. Below is a sample you might use when expressing your opinion to your representatives. However, we encourage you to personalize your letter with individual and local examples. The Honorable Jane Doe 1234 Dear Senator Doe: I am writing to urge you to oppose H.R. 3574, the Stock Option Accounting Reform Act. The bill is terrible policy that panders to big-donor technology companies that want to be able to continue to mislead investors and the public by failing to account for stock options, a major form of compensation. It also introduces politics into the process of accounting standards-setting It is widely recognized that this loophole in financial accounting can inflate company earnings, reduce corporate taxes, and mislead investors. Unexpensed options were a major factor in the recent corporate scandals. Have we not learned our lesson? The Financial Accounting Standards Board's (FASB) decision to expense options reflects simple common sense. Options are compensation and compensation is a corporate operating expense. Federal Reserve Chairman Alan Greenspan, investing authority Warren Buffet, former SEC chief accountant Lynn Turner, the Conference Board, SEC Chairman William Donaldson, Nobel Prize winning economist Joseph Stiglitz, other notable economists, all support the practice of expensing options. It is an important part of the effort to protect employees, investors and consumers from the devastating consequences of corporate accounting scandals. We must not allow H.R. 3574 to block FASB from enforcing this long-overdue rule! As a voter, I ask you to oppose H.R. 3574. Please, let FASB remain the independent accounting standards-setting board and do not interfere with FASB's common-sense decision to expense all stock options. In order to restore confidence in American business and encourage sustained economic growth, we must begin by restoring honest and accurate accounting standards. Sincerely, |
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