124 STAT. 1925 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(g) FUNDING FOR THE GASB.— ‘‘(1) IN GENERAL.—The Commission may, subject to the limitations imposed by section 15B of the Securities Exchange Act of 1934 (15 U.S.C. 78o–4), require a national securities association registered under the Securities Exchange Act of 1934 to establish— ‘‘(A) a reasonable annual accounting support fee to adequately fund the annual budget of the Governmental Accounting Standards Board (referred to in this subsection as the ‘GASB’); and ‘‘(B) rules and procedures, in consultation with the principal organizations representing State governors, legis- lators, local elected officials, and State and local finance officers, to provide for the equitable allocation, assessment, and collection of the accounting support fee established under subparagraph (A) from the members of the associa- tion, and the remittance of all such accounting support fees to the Financial Accounting Foundation. ‘‘(2) ANNUAL BUDGET.—For purposes of this subsection, the annual budget of the GASB is the annual budget reviewed and approved according to the internal procedures of the Finan- cial Accounting Foundation. ‘‘(3) USE OF FUNDS.—Any fees or funds collected under this subsection shall be used to support the efforts of the GASB to establish standards of financial accounting and reporting recognized as generally accepted accounting principles applicable to State and local governments of the United States. ‘‘(4) LIMITATION ON FEE.—The annual accounting support fees collected under this subsection for a fiscal year shall not exceed the recoverable annual budgeted expenses of the GASB (which may include operating expenses, capital, and accrued items). ‘‘(5) RULES OF CONSTRUCTION.— ‘‘(A) FEES NOT PUBLIC MONIES.—Accounting support fees collected under this subsection and other receipts of the GASB shall not be considered public monies of the United States. ‘‘(B) LIMITATION ON AUTHORITY OF THE COMMISSION.— Nothing in this subsection shall be construed to— ‘‘(i) provide the Commission or any national securi- ties association direct or indirect oversight of the budget or technical agenda of the GASB; or ‘‘(ii) affect the setting of generally accepted accounting principles by the GASB. ‘‘(C) NONINTERFERENCE WITH STATES.—Nothing in this subsection shall be construed to impair or limit the authority of a State or local government to establish accounting and financial reporting standards.’’. (b) STUDY OF FUNDING FOR GOVERNMENTAL ACCOUNTING STANDARDS BOARD.— (1) STUDY.—The Comptroller General of the United States shall conduct a study that evaluates— (A) the role and importance of the Governmental Accounting Standards Board in the municipal securities markets; and (B) the manner and the level at which the Govern- mental Accounting Standards Board has been funded.
