As the capital of one of the most powerful nations in the world, Washington shines as a center for legislation, debate and all things politics. For those of us invested in finance, the city acts as the perfect crossroads for business and the policies that move markets.
Here are five things you can do to sharpen your financial savvy as a D.C. reporter.
1. Get on the list
Contact media coordinators and get on the press list for any or all of the following: Federal Reserve, Treasury Department, Securities and Exchange Commission, Commodity Futures Trading Commission, Consumer Financial Protection Bureau, World Bank, International Monetary Fund and Chamber of Commerce.
If you want to narrow your focus and avoid email overload, choose agencies based on your areas of interest. If you like interest rates and bonds, connect with the Fed and Treasury. If you’re into Wall Street and regulation, the SEC, CFTC and CFPB are the newsmakers.
Being on the press list gives you access to briefings and embargoed information you can use to break the latest stories on economic and financial policy. You’re the first to know, which is crucial for all reporters but especially so for those covering a fast-paced business beat and writing for a demanding, constantly updated investor audience.
2. Go to the right meetings
Don’t underestimate the presence of finance on Capitol Hill. Find out the Senate Banking and House Finance Committee schedules. Take advantage of your press credential and go to the hearings. Why? The chairmen call on top leaders and gurus to testify on topics that affect Wall Street, the economy and thousands of individuals. You can break a story based on the testimonies or use the information from the hearings for an enterprise piece. Either way, you’re getting inside access to the core of domestic and international business policy.
Something else to consider: The SEC, CFTC and CFPB hold public roundtables. Executives from New York often come to Washington. Again, same deal: You can break a story or get ideas for future articles.
3. Dig for buried data
The phrase “follow the money” doesn’t just apply to campaign contributions. Resources like OpenSecrets.org, the Project on Government Oversight and the Sunlight Foundation are filled with provocative data on budgets and the spending that takes place in business-oriented government agencies as well as reports on the financial regulators.
Finally, don’t be intimidated by legislation. It isn’t necessary to pore over every page, but bills and proposals by members of the banking and financial committees are great starting points for stories often missed in daily news coverage.
4. Talk to the experts
There’s no shortage of economists, analysts, lobbyists and professors who focus solely on the financial policy decisions made in Congress. Look up think tanks, lobbying groups, financial firms and universities. My go-to organizations: Brookings Institution, Cato Institute, Center for Responsive Politics, S&P Capital IQ and Harvard Kennedy School of Government. In reality, the list is endless. Find out who the experts are and get in touch.
Have a conversation about the Federal Reserve’s latest policy decision, the newest member of the Treasury Department or anything else you’re curious about. These sources are deeply invested in their topics. You’ll always walk away a little smarter after speaking to one of them.
Lastly, experts come from all sides of the political spectrum. Make sure you know the background of the organization or individual you get in touch with. Talk to a variety of experts to get a well-rounded perspective.
5. Make the connection
It’s easy to get wrapped up in pages of banking legislation and economic data (the Wall Street Reform Act itself spans more than 2,300 pages). The key point is to not get lost in a sea of complicated details. Rather, always stop and ask yourself why you’re looking at a certain policy or researching a specific issue. The important thing to look for is the connection between policy and business. If your stories from the Hill answer questions and shed light on issues relevant to investors and the financial community, you’ve met the goal of business reporting.
Bottom line: Washington – while famous for politics – is at the core of finance and the policies that affect Wall Street, businesses and individuals across the country and around the globe. Embrace your inner nerd, power your brain and break some stories along the way.