Holding Congressional Leaders Accountable

Throughout the financial crisis of 2008 -2009, top executives have been fired, or encouraged to resign, from their jobs, and rightly so. The CEOs of Citicorp, GM, Fannie Mae, and AIG all resigned or were fired in 2009, just to name a few. Most recently, the CEO of Bank of America stepped down at the end of 2009. In my opinion, it was appropriate for these chief executives bear the responsibility by losing their jobs, since the issues with their companies occurred on their shifts. As it should, private industry quickly deals with leaders who are responsible for corporate catastrophes.

To me, principle of holding the leadership accountable should also apply to our politicians. For example, Rep. Barney Frank (D-MA), Chairman of the House Financial Service Committee, Sen. Christopher Dodd (D-CT), Chairman of the Senate Banking Committee. They were at the head of the two committees regulating financial practices, and prior to that they were the ranking minority members of the committees. However, throughout the financial crisis, these two have kept their positions as chairmen of these committees and seemed to reject calls for their accountability in the financial crisis.

To me, Congressional leaders should be held to the same standards as business leaders. If a major issue occurs during their time as committee chair, I would want them to resign or be fired from their leadership position.

Now that would be change I can believe in :-)

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This is not financial advice. Please consult a professional advisor.
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