New Fourth Branch for the Federal Government?

Dec 4, 2023 | Finconomics 101, No Bull Economics

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It is time for Americans to realize that the government needs some adult supervision over its budgeting process – before it is too late. We have a really good model in the corporate world that should be applied to the largest corporation in the world, the United States of America.

Commentary

  • The U.S. Constitution spells out 3 branches of the Federal Government: executive, legislative & judiciary.
  • We propose creating a fourth branch, the U.S. Financial Oversight Board (FOB) which would be responsible for governmental budgeting, financial reporting, and oversight of the Federal Reserve & banking system.
  • Just like there are requirements to run for offices in the executive & legislative branches, we would suggest the following job requirements for the FOB: only C-level executives from $1B+ companies that have an established track record of generating profits qualify. Further, the board should include equal representation from the largest domestic industries.
  • Board members would need to be elected and we could experiment with the new branch by forbidding political contributions to fund their campaigns – everyone who qualifies to run for a board seat would simply post online their qualifications & talking points that every voter can access equally.
  • Once established, the FOB would conduct a third party audit of the entire government & publicly report their findings. In turn, the FOB would conduct a quarterly public presentation on the government’s financial performance (just like a quarterly investor conference call).
  • The FOB would set spending budgets & Congress could vote on how to allocate spending.
  • Here is another shocking proposal – FOB members will receive remuneration according to the government’s financial performance. Compensation should be structured such that FOB members could earn hedge fund salaries for outperforming against benchmarks. Well at least NBA-level salaries…
  • Financial underperformance (i.e. high levels of: interest rates, inflation, unemployment & debt) would drive their salaries toward zero and lead to their termination. Just like the real world!
  •  What do you think? We can do this!

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