Perlmutter's measure would amend the 2009 Financial Stability Improvement Act, and create the new board as part of a larger systemic risk regulator.

It would in essence, allow this new agency to shoulder the responsibility for overseeing accounting standards.

That should set off some red flags there. Actually it should set off the United Nations in terms of the number of flags.

Aside from the recent health care bill that squeaked through the House that has more hidden costs and problems than a used car advertised as being driven only on Sundays, the thought of government politicizing, oops, I meant, supervising accounting and reporting standards should give anyone more than cause for concern.

Apparently I'm not alone.

Both the American Institute of CPAs and Financial Executives International quickly dashed off missives to House Financial Services Committee Chair Rep. Barney Frank, D-Mass., expressing their respective group's objections to displacing the SEC with a new entity.

The institute maintained that the SEC and FASB "operate in harmony," while those being considered to oversee systemic risk (i.e., the Federal Reserve) don't share the same purpose with regard to financial reporting and thus impair the quality of financial reporting for investors.

While the SEC certainly has taken its lumps over the past several years - some well deserved, some overly critical - one only need hearken back to the pressure exerted by lawmakers on FASB with regard to fair value to realize the ramifications of what could happen under the purview of a new government agency.

A new Federal Accounting Board is an idea that should be relegated to the circular file - and at high speed.