If you have not heard about the TARP (Troubled Asset Relief Program) “rule” that the Unites States Treasury Department recently initiated then we strongly suggest you get acquainted with it. The proposed “rule” is that all companies that got financial assistance from the government, under the Troubled Asset Relief Program (TARP), be “required to publish policies online” for “luxury” or “excessive” expenditures, including meetings.
As a result of this proposed rule the industry has formed a coalition that at press time consisted of Meeting Professionals International, the American Hotel & Lodging Association, International Association of Exhibitions and Events, Professional Convention Management Association, Destination Marketing Association International, Site (formerly the Society of Incentive & Travel Executives), and U.S. Travel Association, as well as some meetings and travel management firms.
If your business relies on US MC&IT business, we suggest you create a mechanism to deal with TARP guidelines; appoint someone to get customers’ travel policies, to make sure they’re adhered to. M&IT’s March/April issue will be covering this topic in more detail but in the meantime here are two very good websites on this topic: