This past year, Congress investigated a wide swath of corporate America, ranging from investment banks to insurance companies. For most business executives, it can be a humbling and uncomfortable experience to testify before Congress and have their own internal documents used against them. Facing the glare of klieg lights and shuttering cameras, these masters of the universe often appear as if they would rather disappear into a black hole.
Unfortunately, this is the new reality facing businesses today. In the era of bailouts, but blowout profits, Congress has increased its scrutiny of corporate America. Even if Congress does not haul executives to testify before a panel, it will often demand that the company produce reams of internal documents. And this oversight of businesses will only increase in the coming years. For example, the new chairman of the House Oversight and Government Reform Committee has promised “hundreds” of hearings in the next session of Congress.
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