RJA 11a: Introduction

Government oversight over banks and other financial institutions is critical in preventing another recession, or worse, another Great Depression. Accounting standards must be changed as well, to allow for more honest and consistent financial reporting from companies. The American people have been losing jobs, losing their homes, having to file for bankruptcy, and losing their faith in the government because of the state of the economy over the last ten years. Companies have been able to change their financial statements and defraud the American people and the government has allowed it by changing the law’s regarding oversight. There should be government oversight of banking and financial institutions, and a new accounting standard should be implemented and enforced, to ensure that the American people and the Government are not defrauded by companies that hide profits and losses in accounting reports.