Call me naive but after taking my trip to D.C. I am optimistic about our country. My MAcc program took us to Washington D.C. for the week to visit several regulatory bodies. Wow, what a week! We stayed at the Harrington Hotel, just a block from the IRS, Justice Department, FBI, and the Mall in general. Fantastic location…less than stellar hotel--we weren’t even able to bring our computers for fear or getting them stolen. I would totally stay there as a guy but I would never take a family there.
We first visited the Securities & Exchange Commission (SEC). In the very room where the five Commissioners meet, we met and spoke with several members of the organization. My favorite speaker was Jason Flemmons who is in the Enforcement Function (Forensics) with the SEC; basically, he catches the fraudsters and brings them to justice. I was very encouraged by the sophistication of the forensic accountants at the Capital.
Then we had a (literally) once-in-a-lifetime opportunity to sit in the boardroom for the Board of Governors in the Federal Reserve. This is the room that Ben Bernanke and the rest of the Board meet and dictate the monetary policy for our country, directly or indirectly affecting the entire world. This room is arguably the most powerful room (in a secular sense) on earth. We had a former professor at William & Mary, who works at the Fed, present to us in the room. Right before the presentation, I actually saw Bernanke walk by in the hallway. Many people don’t like him right now. That must be why there is so much security getting into the building—it took us over an hour to get through the doors and we were the only people visiting. Being in that room was an experience I’ll never forget as a business geek. Wow! Since we couldn't take any pictures inside, below is a photo of it with no other than the Bernanke himself.
One of the takeaways from my visit to the Fed was the realization that we are in the most capable hands when it comes to monetary policy. The lowly employee, Seth Carpenter, who presented to us is one of over 200 PHD economists who work there. Carpenter is a Princeton-bred genius who knows what he is talking about. Hearing him speak and enjoying his grasp on the economy was enriching and faith-building. Again, he is just “one of the guys” at the Fed. My point is, I feel that the Board of Governors are doing the best they know how to fix our economy. I truly feel that way. I didn’t before this trip. I may not agree with this “monetary easing”, but neither I nor 99 percent of the people who bicker about the economy really can offer any better solution to the problem.
On the other hand, many informed individuals acknowledge that no one person or group of people are to blame for the Great Recession we are trying to climb out of. The root of the economic uppercut was lack of self regulation on all levels. It wasn’t just the Congress' pressure on banks to ease up on loan applicants, it wasn’t just the greedy financial markets or those who selfishly insured them. It was everyone combined. I could go on about this in a whole separate post, but I’ll spare you the bore this time.
The next day we got to meet with leaders from the Government Accountancy Office (GAO). I know that sounds like something you’d read about to cure insomnia but hearing them was so fascinating! These are the auditors for the Federal government. They make sure D.C. is running an honest ship. Jeanette Franzel, Managing Director of Financial Management and Assurance, was very impressive. She boosted my confidence in the future economics of our country by her competence and vision. With bailouts in many industries (auto, banking) and overhauls in others (healthcare and education), many especially including me are worried the direction our country is going. Is there any check on our government? Are this major transactions honest? Well, for four years, the GAO didn’t give the IRS or the SEC an unqualified opinion, and the Department of Defense isn’t even auditable. But, she explained that each audited agency in the government has now received an unqualified opinion. She regularly meets with agencies to hold them accountable for budgets. Her insights, determination, and clear independence bring me great confidence in our future. And she brought to light the fact that the government is not only taking its stake out of the banking and auto industry (and soon AIG), it has made a multi-billion dollar return on our tax dollars. Well, they did something right J
We aren't a perfect country but there is great hope in the future of our nation. We need to pray for and actively seek out good, honest leaders. We need to be self regulated and encourage others to do the same. Can we forget God's sweet assurance in his repeated words: "inasmuch as ye keep my commandments, ye shall prosper in the land." Has He ever broken His promises?
