It also faces a proposal in Congress that could allow America's new systemic-risk regulator to suspend the rules.
McCAIN: A bubble occurs when prices are driven up too quickly, speculators move into markets, and these players begin to suspend the normal rules of risk, and assume that prices can only move up but never down.
Senator JOHN MCCAIN (Democrat, Arizona): A bubble occurs when prices are driven up too quickly, speculators move into markets and these players begin to suspend the normal rules of risk and assume that prices can only move up, but never down.
In March, the Labor Department moved to suspend the Bush-era rules and held the matter open for public comment for just 10 days.
The Emergency Economic Stabilization Act gave the Securities and Exchange Commission the authority to suspend the mark-to-market rules, which went into effect in the fall of 2007, just in time for the credit crisis.
The Electronic Privacy Information Center, a privacy rights group, has petitioned the government to suspend its border drone program until it creates privacy rules for the information that is gathered.
Some say a solution is to suspend the mark-to-market accounting rules that have caused the cascade of write-downs in the first place.
He said he will suspend some environmental rules and may tap into the Strategic Petroleum Reserve to help cover shortages.
More controversially, the government plans to suspend mark-to-market accounting rules, which force banks to value their holdings at market prices.
ECONOMIST: The financial crisis finally catches up with Japan
The European Commission has called to suspend talks on new legislation covering the insurance industry so it can regroup and study the impact of rules proposed by EU member states.
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