Levin Lauds Announcement by Investment Company Institute in Support of Expensing Stock Options

WASHINGTON, D.C. Senator Carl Levin (D-Mich.), longtime proponent of requiring corporations to charge the cost of stock options against company earnings, issued the following statement today in response to the announcement by the Investment Company Institute in support of expensing stock options.

"It's great news to have 93 million shareholders representing over $4 trillion in investments in U.S. companies urging the Financial Accounting Standards Board to adopt a new accounting standard to treat stock options as an expense. I will be offering an amendment to that effect in September -- directing FASB to review the accounting standard for stock options and to issue a new rule within one year -- and I'm pleased to have the Investment Company Institute urging FASB to do the same thing."