The Clearing House Association submitted a comment letter to the Financial Accounting Foundation (FAF) supporting its plan to establish the Private Company Standards Improvement Council (PCSIC). The Clearing House: (i) agrees there is a need to improve the standard-setting process for private companies, (ii) supports the recommendations of the FAF to (a) establish a PCSIC chaired by a member of the FASB and overseen by the FAF Board of Trustees, and (b) propose changes to existing U.S. GAAP for private companies that would be subject to ratification by the FASB, and (iii) does not support the recommendation of the Blue-Ribbon Panel on Standard Setting for Private Companies to establish a separate private company standards board.