Our staff has been trying since the Obama Presidential transition to convince the new administration that a Chief Portfolio Officer was important to the success of the ARRA. Truly, having a CPO on a US$1 trillion stimulus plan is not an outrageous request. It is sensible, right? Someone who will look at the distribution of funds to ensure that they reach to projects and programs intended, and balance those resources as the various stakeholders vie for the funds. Too, we need to ensure that the stimulus funds achieve their intended objectives....in many cases, people at work! That's what a portfolio officer, versus a performance officer, could do.

Take the issue of jobs. The latest figures in the USA show an unemployment rate over 8.5%. The intent of many of the "shovel ready "projects is to keep the unemployment rate below 9%. That is a real challenge, given the growth of the layoffs and restructuring globally of multi-national firms. Unless the stimulus funds in the USA, and in any country with similar directed funds, produce new jobs, we will see unemployment rates at levels not seen in more than 35 years. It makes sense to create a portfolio office that will stay connected to the results of the investment, and have the power to redirect the funds for good use.

Well, you would think this is a rational idea. However, in the grand scheme of things, it has gone virtually ignored. Unfortunately, this is not an issue that seems important to the Obama administration. In fact, VP Joseph Biden has been asked to oversee the implementation, and a director of the board of the ARRA has been appointed as well. But their big issue seems to be waste and fraud. However, this should be about results, and governments have demonstrated they are more effective at policy formulation and approval than about achievement of results or policy deployment.

To prompt discussion, we prepared an opinion piece for the news media in the hope that the business press would react favorably. I'm happy to report that

Forbes.com has published the piece. Check it out here, and be sure to comment on the piece. Your participation will help raise the visibility of this important subject.  Business leaders globally need to push for this type of action. The disciplines of portfolio, program and project management are crucial to the world's economic recovery. Business leaders understand the need to be held accountable for results. Governments worldwide need to do the same. Later.