The Financial Accounting Foundation (FAF) has urged the SEC to reject the current appeals to overturn FASB Statement 157 on fair value measurements and related FASB fair value guidance in its letter sent to the SEC. Further mentioned in the letter that action by the SEC to overturn a FASB standard in the present context of enhanced investor concern about transparency of financial information relating to financial institutions and political pressure from some industry interest groups seeking to reduce transparency, will exacerbate investors' concerns about the reliability of financial information and further erode market conditions.

http://www.fasb.org/CCoxLetter10-27-08.pdf