Title: Are Democrats conservative?
Description: We investigate the role of standard setters in standard setting. In particular, we examine how the backgrounds and personal politics of FASB members influence the nature of accounting standards proposed between 1973 and 2007. Among other results, we find that length of service on the board and a prior career in investment banking/ investment management are associated with proposing standards perceived as decreasing accounting "reliability;" while affiliation with the Democratic Party is associated with proposing standards perceived as increasing accounting "reliability." Broadly, the evidence suggests that individuals on the FASB have a wider influence in the political economy of standard setting than is currently understood.