Earlier this month in a letter to SEC Chairman Christopher Cox, the Financial Accounting Foundation outlined the SEC's future involvement with FASB appointments. The nonprofit foundation said it plans to give the SEC an opportunity to propose and review candidates for open FASB positions, as well as open trustee positions at the foundation.

The FAF said it will follow a specific timeline, providing a candidate list to the SEC 45 days in advance of an appointment or reappointment.

The Sarbanes-Oxley Act gave the SEC oversight of the FASB, but without a formal policy beyond "timely" notification on upcoming appointments, of which the foundation retains final approval. And while the FAF already consults the SEC on appointments, the SEC has complained that notifications have not always been "timely," according to reports.  

Critics worry that SEC input will intrude on FASB's independence.