America's recovery and the business of RIM: the economic downturn and the resulting stimulus legislation offer RIM professionals new opportunities to highlight the value they and their programs can bring to their organizations.

• Author: Zuvich, Cindy
• Position: BUSINESS MATTERS

[ILLUSTRATION OMITTED]

The plight of the U.S. and world economies is reaching depths not seen in this generation. The stock market is experiencing significant volatility, unemployment is at a 20-year high, and home foreclosure and business failure rates have not stabilized. The outlook on the state of the economy changes dramatically from day-to-day and from expert-to-expert. Much is at stake, and the outcome will not only affect the United States, but will ripple through the global economy.

In the midst of this turmoil, the government has taken measures to stimulate the economy. At the heart of these measures is the American Recovery and Reinvestment Act (ARRA) of 2009, also commonly known as "the economic stimulus package," with a proposed budget of $787 billion. Its purpose, as stated in the act, is to:

* Preserve and create jobs and promote economic recovery

* Assist individuals most impacted by the recession

* Provide investments needed to increase economic efficiency by spurring technological advances in science and health

* Invest in transportation, environmental protection, and other infrastructure that will provide long-term economic benefits

* Stabilize state and local governments budgets in order to minimize and avoid reductions in essential services and counterproductive state and local tax increases

This act supplements the Emergency Economic Stabilization Act (EESA) of 2008, which was signed into law by President George W. Bush in October 2008 establishing the Troubled Asset Relief Program (TARP), also commonly known as the government "rescue package" or "bailout package," to purchase troubled assets from financial institutions. More than $700 billion was proposed, mostly for banks, insurance companies, and other financial institutions.

All who pay taxes are stakeholders in the outcome of these measures, including records professionals, who may feel the impact of this economy.

Implications for RIM and RIM Professionals

The first consideration stemming from the legislation is the immediate impact on the practice of records and information management (RIM) relating to recordkeeping. The effect on your organization is three-fold:

1) Accountability and transparency mandates

2) Specific or implied recordkeeping requirements

3) Heightened public scrutiny

The second consideration is for RIM professionals themselves. In this economy, when millions remain unemployed, there are two key ways to remain relevant as a RIM professional:

1) Protect your RIM position within your organization by promoting your RIM program

2) Find new opportunities in different sectors

Considerations from the Legislation

1) The Establishment of the Recovery Accountability and Transparency Board President Obama has made it clear he will hold all parties accountable for how they spend recovery plan monies and transparency is critical. To this end, he established the Recovery Accountability and Transparency Board, which will coordinate and conduct oversight of recovery spending to ensure taxpayer dollars are not wasted, abused, or used fraudulently.

The over-arching record requirement of this act is the broad, discretionary powers given to the inspectors general to review and examine any records related to covered funds as cited in Sec. 1515 of the act:

SEC. 1515. ACCESS OF OFFICES OF INSPECTOR GENERAL TO CERTAIN RECORDS AND EMPLOYEES.

(a) ACCESS- With respect to each contract or grant awarded using covered funds, any representative of an appropriate inspector general appointed under section 3 or 8G of the Inspector General Act of 1978 (5 U.S.C. App.), is authorized

(1) to examine any records of the contractor or grantee, any of its subcontractors or...