The White House today declared the intention of pushing for legislation that would require all members of Congress to enroll in—and pass—a course on financial literacy.
From the cries of panic heard on the Hill, it may be the most controversial part of the presidential agenda for the next four years. Two other proposals—tax reform and the revamping of Social Security—received far less attention.
But the President appears to be serious in his support, saying he’s willing to “spend political capital” to ensure success. Even more worrisome to special-interest lobbyists is that the news comes on the heels of an announcement yesterday by the Institution of Certifiable Public Accountants (ICPA). In a press release, ICPA revealed the government was seeking bids to create a course tentatively titled “It’s the Spending, Stupid.”
Proponents of the new legislation believe forcing Congress into financial awareness will result in fiscal responsibility.
Opponents say that belief is naive. “This is a risky move, and could be an economic disaster,” says a high-ranking official. “If Congress actually understood financial matters, the budget might be balanced. Then where would we be?”