Le Lézard
Classified in: Business
Subjects: LEG, ACC, AVO

NASBA Commends Federal Legislation Filed to Protect State Licensing Boards From Antitrust Damages


NASHVILLE, Tenn., July 30, 2018 /PRNewswire/ -- Congressman Mike Conaway (R-Texas) has introduced the "Occupational Licensing Board Antitrust Damages Relief and Reform Act" (H.R. 6515). The purpose of this important legislation is to address the practical antitrust law implications for state professional and occupational licensing boards affected by the Supreme Court's 2015 decision in North Carolina State Board of Dental Examiners v. Federal Trade Commission.

National Association of State Boards of Accountancy (PRNewsfoto/NASBA)

"State licensing boards provide an invaluable service to the state," Rep. Conaway explained. "Individuals who serve on these boards should enjoy the same legal protections for working on behalf of the state as all other state officials do. Having served on the Texas State Board of Accountancy myself, I understand that serving on a licensing board is performing an important public service. This legislation ensures that members of state licensing boards will continue to serve the state without fear of personal liability."

The bill would shield state boards, board members and their staff members from damage awards stemming from private antitrust litigation. It would also allow both government enforcers and private plaintiffs to continue to sue for injunctive relief (and potentially recover attorneys' fees if successful). However, in order to obtain the liability relief, the bill states certain criteria must be met:

"Public protection can only be attained in its truest form with the passing of this most important legislation," said NASBA President and CEO Ken L. Bishop. "Over the last several years, the actions of State Boards of Accountancy, appointed board members and staff have been placed under a cloud of uncertainty, including the prospect of antitrust treble damages as they carry out their duties under state law. This narrowly-targeted bill will ensure state boards can continue their statutory mandate to regulate the practice of public accountancy without threat. I commend Congressman Conaway for leading this effort. As a former Texas State Board member and chair, he understands the vital role state board members play to protect the public."

The legislation also calls for a Government Accountability Office (GAO) study that will look at licensing reform, how states can conduct cost-benefit analyses through sunrise and sunset reviews; how states can implement greater portability, including for military veterans and spouses; and how licensing impacts low-income workers and those with criminal records.

This issue hits close to home for Congressman Conaway as he served for seven years as a member of the Texas State Board of Public Accountancy, with five of those years as the Board's presiding officer. In addition, he served as chair of the National Association of State Boards of Accountancy (NASBA), from 2002-2003. Similarly, as a licensed Texas CPA of more than 40 years, Congressman Conaway understands the significance of having licensed professionals serve on state boards. 

The National Association of State Boards of Accountancy (NASBA) strongly supports this legislation, and believes a federal solution is necessary to ensure current and prospective state board members are not deterred from serving their states.

About NASBA
Since 1908, the National Association of State Boards of Accountancy (NASBA) has served as a forum for the nation's Boards of Accountancy, which administer the Uniform CPA Examination, license more than 650,000 certified public accountants and regulate the practice of public accountancy in the United States.

NASBA's mission is to enhance the effectiveness and advance the common interests of the Boards of Accountancy in meeting their regulatory responsibilities. The Association promotes the exchange of information among accountancy boards, serving the needs of the 55 U.S. jurisdictions.

NASBA is headquartered in Nashville, TN, with a satellite office in New York, NY, an International Computer Testing and Call Center in Guam and operations in San Juan, PR. To learn more about NASBA, visit www.nasba.org.

Contacts: 
John Johnson
Office: (615) 880-4232
[email protected]

Cassandra Gray
Office: (615) 564-2172
[email protected]

 

SOURCE National Association of State Boards of Accountancy - NASBA


These press releases may also interest you

at 19:15
Extra Space Storage Inc. (the "Company") announced today it will release financial results for the three months ended March 31, 2024 on Tuesday, April 30, 2024 after the market closes. The Company will host a conference call at 1:00 p.m. Eastern...

at 19:00
Quhuo Limited ("Quhuo," the "Company," "we" or "our"), a leading gig economy platform focusing on life services in China, today announced that it will report unaudited financial results for the second half and full year 2023 before the open of the...

at 18:56
Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ:...

at 18:45
Lophos Holdings Inc. ("Lophos" or the "Company") is pleased to announce all matters presented for approval at the annual general meeting of the shareholders of the Company held earlier today March 28, 2024 (the "Meeting") have been approved. A total...

at 18:45
Pomerantz LLP is investigating claims on behalf of investors of Li Auto Inc. ("Li Auto" or the "Company") . Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980....

at 18:40
Liberty Gold Corp. ("Liberty Gold" or the "Company"), is pleased to announce its financial and operating results for the fiscal year ended December 31, 2023. All amounts are presented in United States dollars unless otherwise stated. 2023 AND...



News published on and distributed by: