The Government Accountability Office, charged with auditing and investigating the use of public funds on behalf of American taxpayers, has turned its sights on the agencies created by the Dodd-Frank Act to promote greater stability in the U.S. financial system. From Steve Quinlvan of law firm Leonard, Street and Deinard:
“The Government Accountability Office, or GAO, has made 10 recommendations to strengthen the accountability and transparency of [the Financial Stability Oversight Council (FSOC)] and [the Office of Financial Research’s (OFR)] decisions and activities as well as to enhance collaboration among FSOC members and with external stakeholders.
The GAO recommendations for FSOC include:
• Keep detailed records (for example, detailed minutes or transcripts) of closed door sessions of principals meetings and to the extent possible make them publicly available after an amount of time has passed sufficient to avoid the release of market-sensitive information or information that would limit deliberations.
• Establish formal collaboration and coordination policies that clarify issues such as when collaboration or coordination should occur and what role FSOC should play in facilitating that coordination.”
Read the full update, GAO Makes Recommendations to FSOC and OFR on Transparency - Leonard, Street and Deinard»