These unprecedented problems fueled a bipartisan congressional effort to help restore investor confidence in U.S. capital markets through legislative reforms affecting both the accounting profession and corporate management and directors. During the past few months, accounting has become a far more regulated profession, a major accounting firm was destroyed, and the once-glistening CPA designation as certified public accountant has been tarnished.
He then became Executive Director at the IMF, before being appointed Mexico’s Deputy Finance Minister and thereafter Deputy Managing Director at the IMF. In 2006 he returned from Washington to Mexico-City to serve as minister of finance. In this position – rather unusual for a finance minister – he earned some reputation in the oil market.