Financial Planning | Legislative / Regulatory

Lawmakers ‘not sure what to do.’ CPAs can help.

Shrug Still looking for a reason to get involved in the legislative process?

Look no further.

We're on the verge of what could be some pretty significant regulatory change. Congressional leaders, angry about corporate malfeasance and anxiously looking for ways to make sure this financial meltdown doesn't repeat itself at some later date, are turning accounting rules and other financial regulations into their scapegoats du jour.

In doing so, though, some of them are making some pretty remarkable (though not terribly surprising) admissions.

For example, California Republican John Campbell, a member of the House Financial Services Committee, had this to say on a recent episode of NPR's "Planet Money" podcast:

"I can tell you that I'm not sure, even in my own mind, what I would do at this point. And I don't think I'm alone in that viewpoint. This stuff is not easy. There are a number of different alternatives, a number of different thoughts on how to do it."

Did you catch that? A member of the Congressional committee that will be playing one of the biggest roles in writing new regulation to oversee our financial institutions has admitted, in essence, that he doesn't know what to do. And the reporters at Planet Money say Campbell is not alone, that a number of members of Congress have offered similar opinions.

Here's where our nation needs legislatively active CPAs. We need people who are able to explain to lawmakers how new legislation and regulation will impact the nation's financial institutions, its small businesses, the clients of small businesses. And believe it or not, most lawmakers -- the good ones, anyway -- crave that kind of feedback from their constituents.

We need you, folks. Our profession certainly needs you, and our country needs you, too. Join our legislative advocacy team today. Let's start educating these folks before they start enacting laws that will impact our businesses and our clients.


Bill Sheridan