WASHINGTON – Last week, the Wall Street Journal hosted CFOs from many of the world's top companies for their fourth annual CFO Network conference. Participants sounded undeniably upbeat about their businesses — the economy has picked up, employment is gathering momentum and many of the expected economic pitfalls have not (yet) materialized.

However, CFOs are not feeling as optimistic about the prospects in Washington when it comes to the big issues facing business, such as corporate tax policy and better cooperation between government and business to thwart hacking.

According to a follow-up article in the Wall Street Journal, executives talked about living with diminished expectations — how to take the greatest advantage of modest economic growth (around 2%), while discounting notions that new policy from Congress will boost the trajectory of the economy.

The CFOs heard Sen. Ron Wyden (D-OR), the new chairman of the Senate Finance Committee, declare that he'd like to lower the top corporate tax rate to 24%. While this was an energized and optimistic conversation, it was noted how tough it is to address sticky issues like taxes during an election year.

There were other signs that the disconnect between Washington and business, which reached its height during the financial crisis, lingers on. Sarah Raskin, the new deputy secretary of the Treasury, said government regularly seeks business opinion on policy. But how about all those companies not under Fed supervision? When CFOs from this broader group were asked if government had solicited their opinion, not a single hand in the audience went up.

Still, hope springs eternal, even for those jaded by years of inertia. The CFOs broke into groups to devise recommendations for ways to boost economic and business growth. Their top proposal: "Reform corporate tax policy."