The latest Financial Accounting Standards Board debacle may finally cause the government to step in and end its monopoly power to dictate accounting standards on banks and financial regulators.

The most recent step in that direction was a June 4 letter from a bipartisan group of four U.S. senators to Treasury Secretary Steven Mnuchin, in his role as chairman of the Financial Stability Oversight Council.

The letter requests that the oversight council conduct a study on lending and the economic consequences of FASB’s new requirement that insured depository institutions adopt (a senseless) form of mark-to-market accounting rules called the current expected credit losses, or CECL.

The CECL requires banks to estimate credit losses over the life of a loan, and to book those losses upfront. Thus, a bank that makes 30-year mortgage loans would have to estimate and book its losses on that portfolio on day one.