Last week, Democratic comptroller candidate and D.C. lobbyist Peter Franchot said he was forming a business advisory council. The group of 40 “business executives and leaders” from around the state are supposed to provide him with insight on economic and community development issues.
Good for him. But since it?s one of the first times he has shown a remote interest in fiscal responsibility, it strikes us as a bit late. He campaigned for the job during the primary season with promises to raise teacher salaries, protect the environment, build more schools and support universal health care, among other issues. As comptroller, he won?t be able to do any of those things. The job requires the office holder to vote on state contracts, collect taxes and to oversee the state pension fund.
And it?s not as if the advisory council will contribute to Franchot?s economic enlightenment.
The vast majority of the group are lawyers, communications experts, investors, consultants and bankers, who push money and agendas around rather than create jobs and products. A few board members actually run businesses, but sorely lacking are entrepreneurs, who create the vast majority of jobs. What does Casper Taylor, the former speaker of the Maryland House of Delegates, know about making payroll? And for such a progressive candidate, only a handful of advisers are women.
And as recent current events show, many board members of public companies ? who are paid ? can only find time to rubber-stamp executive decisions. So the success of a volunteer committee seems highly unlikely. Besides, “leaders” achieve that status by focusing on their work, not on extracurricular activities.
If Franchot really cares about being a “fiscal watchdog,” he must focus on evaluating whether the state?s pension investments make sense and on ensuring the efficient and secure collection of taxes.
