In light of the recent Bipartisan Infrastructure Law (IIJA) passed in November 2024, Joseph DioGuardi, CPA, emphasizes the critical need for Certified Public Accountants (CPAs) to engage actively in politics. DioGuardi, who made history as the first CPA elected to Congress in 1985 and is known for authoring the CFO Act of 1990, highlights the pressing issues of a $3 trillion annual deficit and a staggering $33 trillion cumulative national debt [dffe9628].
The IIJA allocates substantial funds for infrastructure, healthcare, and education, which underscores the necessity for CPA oversight to ensure that these resources are allocated effectively and transparently. DioGuardi argues that CPAs are uniquely positioned to enhance accountability in government spending, particularly in the areas of healthcare funding and educational resource utilization [dffe9628].
He calls on fellow CPAs to consider running for elective office, advocating for the promotion of public equity and sound financial principles within government. This push for CPA involvement in politics is seen as a vital step towards ensuring fiscal responsibility and preventing misallocation and fraud in public spending [dffe9628].
As the economic landscape continues to evolve, the integration of CPAs into governmental roles could play a significant role in addressing the challenges posed by inflation and economic uncertainty, as highlighted in recent surveys of audit partners and CFOs [3e69b6ed]. The collaboration between financial professionals and policymakers may be essential in navigating the complexities of the upcoming U.S. presidential election and its implications for the economy [67075d09].