Weill, 69, called for the oversight panel earlier in the week at a meeting of 250 fellow CEOs gathered at the New York Stock Exchange to honour him as 'Chief Executive' magazine's 'Chief Executive of the Year'.
He said: 'I believe that a strong, independent authority must be established to set and enforce accounting standards......I strongly support the creation of an independent authority to oversee the conduct of auditors of public companies.'
Weill also warned against overkill on this issue. He said: 'We still enjoy the most productive, innovative, efficient, and inclusive economic system on the planet...In seeking to improve it, we must not erode these strengths.'
CNN reports that Citigroup chairman and chief executive officer, Sandy Weill, has called for the establishment of an oversight panel to 'enforce bookkeeping standards.'
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