Book from ICGFM Keynote Speaker Available January

On January 12th 2010, Random House will publish a book from ICGFM May Keynote speaker, David M. Walker. Mr. Walker is the former Comptroller General of the United States and currently President of the Peter G. Petersen Foundation.

During his tenure at the Government Accountability Office, Mr. Walker warned about long-term liabilities and fiscal imbalances. In particular, Mr. Walker has warned that countries cannot spend their way to prosperity.

The new book is entitled “Comeback America: Turning The Country Around and Restoring Fiscal Responsibility”. It discusses a range of needed policy, operational and political reforms, including needed budget controls, health care, entitlement, tax, and defense changes. It presents a variety of illustrative policy solutions, and has been endorsed by several prominent Democrats, Republicans and Independents. It is available for pre-order through a variety of online sources and all royalties will go to Peter G. Peterson Foundation. If you want to know more about the book you should go to http://www.comebackamericathebook.com/.

Three Factors for a Successful Regulated System

David M. Walker, President & Chief Executive Officer of the Peter G. Peterson Foundation described the three factors needed for a successful regulated financial system. Answering questions at the ICGFM Spring Conference after his keynote, Mr. Walker emphasized controls and accountability

Contrasting Current Debt with Post World War II Debt

David M. Walker, the President & Chief Executive Officer, Peter G. Peterson Foundation answered a question about the debt situation after his keynote at the 23rd. Annual ICGFM Conference.

U.S. Stimulus: Mismanagement, Fraud and Waste Expected

Is a financial services stress test a real test when it was announced, up front, that no institution would fail? These were some of the questions posed by David M. Walker, President & Chief Executive Officer, Peter G. Peterson Foundation, a the 23rd Annual ICGFM Conference.

Mr. Walker emphasized that "transparency and accountability is good, but not good enough." The United States government does not have a plan to put its own financial management management house in order, according to Mr. Walker. This is a problem for every country in the world

David Walker addressed some of the key factors that led to the current economic situation at the Known for his outspoken observations Mr. Walker, the former Comptroller General of the United States discussed why the financial crisis has had such a global impact and the impact developed and developing countries.

He said that there has been far too much "laggardship" instead of leadership in the public and private sectors in the United States.

Mr. Walker has also been elected as Chairman of the United Nations Independent Advisory Committee. As President and CEO of the Peter G. Peterson Foundation, Mr. Walker was free to say what he wasn't able to do while running the Government Accountability Office. The foundation recently released a report on America's long-term economic perspectives in the international arena.

He pointed out the effects of non typical business cycle challenges , primarily with financial institutions through the bursting of the housing bubble. This generated a ripple effect to other economic activities like the automobile sector. Mr. Walker spoke about how lenders assumed that housing prices would continue to rise and did not exercise good judgement on loans.

Mr. Walker pointed out the lack of transparency in the system. He spoke about the changes to financial instruments that were too complex to borrowers. Governments de-regulated and were not involved in oversight. Greed and short-term thinking further added to the problem. The notion of "being too big to fail" proved to be incorrect, particularly industry icons and financial services.

Only 1/3 of the stimulus package in the United States is related directly to economic stimulus : "timely, temporary and targeted," according to Mr. Walker. Most of the stimulus package relate to other congressional wishes. "We don't know what we are going to get from the money," according to Mr. Walker. There needs to be conditions up front because "once the money flows - it's too late. " Without the appropriate systems and controls up front otherwise there will be fraud, waste and mismanagement.


Mr. Walker, a subject of the documentary I.O.U.S.A., pointed out the the $40 Trillion in long-term "off budget sheet" liabilities for social services in the United States is not accounted for in the deficit. He believes that social security is in a negative cash flow situation or will be within the next 8 years. Today, 50% of the debt is held by foreign debtors.

Mr. Walker pleaded for changes in the United States system that doesn't work. Fundamental reform is needed, in particular to introduce tough budget controls so that Congress cannot spend without knowing the consequences, reform current social services programs and the tax system. The government needs to be more future focused. Better stewardship is needed.

Professional politicians are not inclined to make needed changes and advocate outcome-based measurements.

Former U.S. Comptroller General and Outspoken Advocate for Good Government Financial Management, David M. Walker, to Keynote ICGFM Conference

Government Leaders, Public Financial Experts and International Donors Will Gather to Discuss Government’ Response to the Economic Crisis

Can Governments Spend to Prosperity?

ALEXANDRIA, VA – May 5, 2009 – The International Consortium on Governmental Financial Management (ICGFM) announced today it will host its 23^rd Annual Conference from May 18-22 at the Biscayne Bay Marriott, Miami, FL.

The topical them “Country Perspectives on Public Financial Management during Global Economic Uncertainty”, focuses on the role of governance and reform. The conference will feature an outspoken advocate for better government fiscal discipline, David M. Walker.

Mr. Walker is the former Comptroller General of the United States and currently President of the Peter G. Petersen Foundation.

During his tenure at the Government Accountability Office, Mr. Walker warned about long-term liabilities and fiscal imbalances. In particular, Mr. Walker has warned that countries cannot spend their way to prosperity. Scheduled to speak during the opening day, he will address the conference on “Government and the Financial Crisis: What lead up to the financial crisis? What is the global impact on developed and developing countries? What can governments do better?”

“We are honored to have Mr. Walker as our keynote speaker. As an outspoken dedicated, nonpartisan advocate for fiscal responsibility, the Consortium is anxious to hear Mr. Walker’s views regarding the international financial crisis we now find ourselves in, and most importantly the difficult choices facing the international community to begin to find our way out of this financial storm”, said James R. Ebbitt, ICGFM’s President. “ICGFM members will benefit from his experience and unique point of view.”

Representatives from Africa, Asia, Europe, Latin America and North America will be gathering in Miami to network and share government initiatives in response to the global economic downturn. Many governments are improving financial discipline to deal with the changing economic climate and the opportunities of globalization. Attendees will describe good public financial management practices that enable dealing more effectively with economic uncertainty. Experts from more than 50 countries came to the conference in 2008.

The week-long conference will cover key critical areas in public financial management:

• sustaining the public financial reform agenda
• more effective managing of revenue and debt
• better budget management practices
• impacts on public private partnership projects
• changes to donor funding and development partner projects
• value of implementing international standards
• sustaining the delivery of results
• the on-going drive to stamp out corruption

Rhoda Canter, ICGFM’s Vice President for Programs, noted that ”discussing the real problems being faced by governments as a result of global economic conditions will be the focal point of this conference. Bringing peers together to learn from each other is the value of ICGFM, and this year it will be more valuable than ever.”

For more than two decades, ICGFM has served as an international forum for public sector financial managers, with an emphasis on developing countries. Working globally with governments, organizations and individuals, ICGFM is dedicated to improving financial management by providing opportunities for professional development and information exchange. More information about ICGFM is available on our website, www.icgfm.org .

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email: ICGFM@icgfm.org

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