Corporate America does not see the need for more fiscal stimulus to revive the economy, suggests an opinion poll released by Greenwich Associates.

The report says “large U.S. companies and financial institutions are skeptical about the effectiveness of many government programs and actions taken in response to the financial and economic crisis.”

More than half the 231 firms participating in a survey in late July think the US$787-billion economic stimulus package proposed by the Obama administration and passed by Congress earlier this year is proving ineffective; only about a quarter rate it as effective; and 22% were neutral on it, the Greenwich Associates report said.

“Whether it reflects an expectation that the economy is on the road to recovery or a belief that the original economic stimulus plan was ineffective, fully three quarters of large U.S. companies and financial institutions would oppose a second round of fiscal stimulus,” says Greenwich Associates consultant Steve Busby.

Companies and financial institutions are much more sanguine about the direction of U.S. monetary policy since the start of the crisis, which is viewed as effective by more than 60% of survey participants overall and by almost three-quarters of investment managers, Greenwich Associates observed.

Firms also have mixed opinions of government actions to rescue the financial industry, including the capital injections, plans to purchase toxic assets, and other programs. “Overall, respondents break down into three comparable groups, with about one third each rating these programs as effective, ineffective and neutral,” it said.

Firms were more critical of the government’s auto industry bailout however, which was rated as ineffective by three-quarters of all U.S. companies and institutions, and 85% of U.S. investment managers, the report stated.

They are similarly skeptical about the prospects for the current proposals for health-care reform. Two-thirds of U.S. respondents say the proposed reforms will be ineffective, compared with only a quarter who think the reforms will prove effective over the long term.

Almost half of large companies and financial institutions give negative ratings to President Barack Obama’s performance in responding to the financial/economic crisis, including more than a quarter who rate his performance as “very poor.” Only about 30% rate the president’s performance as “excellent” or “good,” with 22% neutral, Greenwich said.

At the opposite extreme, almost 65% of large U.S. companies and financials give positive ratings to the performance of U.S. Federal Reserve Board chairman Ben Bernanke, including 20% who would rate the performance as “excellent.” Only 12% of survey respondents give the Fed chairman’s performance since the start of the crisis a negative rating.

Companies and institutions rate the performance of Treasury Secretary Tim Geithner as somewhere between Obama and Bernanke. Only 30% give Geithner a positive rating, 42% are negative and 29% are neutral.

“When given the opportunity to comment on the performance of other politicians and regulators, many respondents took it upon themselves to let us know that they would give Congress the lowest possible ratings for its performance in responding to the crisis,” notes Greenwich Associates consultant Frank Feenstra.

In terms of possible regulatory reform, almost 60% of large U.S. financial institutions and corporations would favour reforming federal bank regulation by dissolving the Office of Thrift Supervision and empowering a single regulator to oversee all federally chartered banks, Greenwich Associates found.

However, half the firms oppose the creation of a consumer protection agency with power over the sale of mortgages, credit cards, savings accounts and annuities, including a quarter who say they are “strongly opposed.” Thirty per cent of respondents are in favour of this proposal, with 20% neutral.