NEW YORK, Feb. 27, 2009 (GLOBE NEWSWIRE) -- Following President Obama's address to the joint session of Congress this week, PricewaterhouseCoopers ("PwC") today launched a series of reports addressing issues most relevant to business leaders during the recession. The first of the series, 10Minutes on the US Stimulus Package examines the American Recovery and Reinvestment Act package and its short- and long-term economic implications for US business leaders. The concise report provides recommendations for how businesses can prepare for the infusion of public funds and the increased requirements for accountability, transparency and control that will accompany them.
10Minutes on the US Stimulus Package is available for download at: http://www.pwc.com/10minutes/stimulus
"We are doing business in historically important times and unprecedented events are converging on today's business leaders," said Dennis Nally, US chairman and senior partner of PricewaterhouseCoopers. "The pressures to act fast, while considering the strategic business implications of events - such as passage of the stimulus plan - have leaders grappling with priorities. This series aims to summarize important issues and outline key considerations to help clients successfully navigate through these challenging times."
10Minutes on the US Stimulus Package breaks down the Tax, Health Care, Infrastructure and Cleantech issues contained within the stimulus package.
PricewaterhouseCoopers also presents the 6 essential elements for companies executing stimulus projects and public agencies disbursing funds, including:
* Measurement and transparency are paramount. Detailed success metrics must be defined, data collection procedures developed and results posted as widely as possible. * Audit and reviews are will touch everything. Public program managers and private businesses implementing programs have to anticipate and prepare for rigorous review by government inspector generates and the Office of Management and Budget, among others. * Short-term benefit and speed of action must be balanced with strong controls. * Restrictions will be placed on TARP recipients, including those on executive pay and the ability to hire employees with H1B visas * Requirements to use American goods may apply to some projects. * Long-term benefits must be maximized through careful planning today. Companies should anticipate that the government may require metrics to gauge the Act's success and begin developing measures now.
The 10Minutes series explores issues that business leaders must understand and act on in the near future. Each 10Minutes piece distills key information and the Firm's insights on a corporate, legal, or regulatory topic very relevant to business leaders, helping them navigate what is now an increasingly difficult financial environment. Issues of 10Minutes will often be backed up by longer studies or white papers, available from www.PwC.com and in print, in which PwC experts examine the issues with detail beyond that of an executive summary.
A future 10Minutes topic in this series is:
* "Top Concerns for Directors" - Amid unprecedented challenge and change, directors are revisiting their oversight of risk management and corporate culture.
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