NEWS RELEASE 09/26/22
Lou Costantino, Jr., Named Vice President, Government Affairs and External Relations, Financial Accounting FoundationNorwalk, CT, September 26, 2022—The Financial Accounting Foundation (FAF) today announced that it has appointed Lou Costantino, Jr., as vice president, government affairs and external relations. The FAF is the organization that oversees the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).
Mr. Costantino will lead the FAF’s Washington, DC, office following a three-decade long career advocating for different financial services organizations and companies. His early career experiences were at the Securities Industry and Financial Markets Association (SIFMA), where he worked in different advocacy roles from 1991–2003, when the organization was known as the Securities Industry Association. He then joined Merrill Lynch as director of government relations. In 2009, Lou joined the Managed Funds Association (MFA) where he rose to his final role as executive vice president and managing director, government relations. He left MFA in 2021 to launch Lou Costantino LLC, a lobbying and advocacy practice.
“Lou is going to be a great ambassador for FASB, GASB, and FAF to our important stakeholders in Washington,” said FAF Executive Director John Auchincloss. “He has a deep appreciation for the value of the independent standard-setting process to investors, financial markets and the public at large, and an extensive network of relationships built over a widely admired career in the financial services industry.”
“I am excited to join the FAF and to serve as an advocate for this important, mission-driven organization,” said Mr. Costantino. “I respect the work that the FASB and GASB do to bring transparency, clarity and comparability to financial reporting, which are foundational to the smooth functioning of our dynamic market economy and the efficient allocation of state and local government resources.”
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is an independent, private-sector, not-for-profit organization based in Norwalk, Connecticut. Its Board of Trustees is responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).
The FASB and GASB (collectively, “the Boards”) establish and improve financial accounting and reporting standards—known as Generally Accepted Accounting Principles, or GAAP—for public and private companies, not-for-profit organizations, and state and local governments in the United States. Both Boards set high-quality standards through a process that is robust, comprehensive, and inclusive. The FASB is responsible for standards for public and private companies and not-for-profit organizations, whereas the GASB is responsible for standards for state and local governments.
The Foundation’s Board of Trustees comprises 14–18 members from varied backgrounds—users, preparers, and auditors of financial reports; state and local government officials; academics; and regulators. The Trustees direct the effective, efficient, and appropriate stewardship of the FASB and GASB in carrying out their complementary missions, select and appoint FASB and GASB members and their advisory councils, oversee the Boards’ activities and due process, and promote and protect the independence of the Boards. For more information, visit www.accountingfoundation.org.