The level of transparency asked for by the Obama administration is infeasible and can’t be met by recipients of Troubled Asset Relief Program (TARP) funding, according to a new poll released by Deloitte Financial Advisory Services. The poll’s results demonstrated a general suspicion from business leaders that TARP funds will carry with them increased regulation.
58.2 percent of survey respondents said that the transparency required by the administration in exchange for the infusion of stimulus funding is not possible.
“Stimulus funds need to be infused into the economy as quickly and efficiently as possible in order to stimulate growth,” said Deloitte CEO David Williams. “However, the legislative process, as well as the public’s desire for transparency surrounding how stimulus funds are allocated, [does] not bode well for getting stimulus funds into the economy quickly.”
80 percent of poll respondents agreed that the new emphasis on transparency would result in increased regulation for all businesses. 40.5 percent of respondents said that this emphasis would lead them to examine their company’s anti-fraud programs.
The Deloitte poll gathered the opinions of over 1,500 business professionals from the financial, consumer, industrial, tech, media, telecom, and energy sectors in Deloitte’s March 23 webcast, “Oversight of the Fiscal Stimulus Bill: Transparency in a New Age.”