Want to fix Congress? Let's institute pay for performance

It's helped make corporate America run better.  It might just be the ticket to get our lawmakers back on track.

Sheila Bair has a brilliant idea for Congress.  She writes: will the elections bring about improvements in our increasingly dysfunctional government? I fear not. Successfully running for office these days is more about political fundraising and negative campaigning than about the art of governing. Only one in 10 Americans thinks Congress is doing a good job, and no wonder. Our economy is stuck in low gear, and our fiscal situation is precarious. How do we motivate our national leaders to deal with these problems? As with most organizations, it comes down to economic incentives. If our elected officials can keep their paychecks by being adept at fundraising and negative campaigning, then that is what they'll do. But if at least part of their pay is based on performance, maybe we could get them to focus on doing their jobs. Pay for performance has improved management in the private sector. Why not try it with the folks in D.C.?

Find out more at http://finance.fortune.cnn.com/2012/11/06/congress-pay-performance/