GAO’s report on the operation of two new governmental organizations was the focus of the Oversight Panel’s look at FSOC and the OFR.
Both organizations were created by the new financial reform act just over 2 years ago.They were established to facilitate a comprehensive effort to avoid and, if necessary, respond to potential systemic economic problems.
The GAO found that mechanical mechanisms used to carry out their missions could be enhanced to provide greater accountability and transparency. They provided ten recommendations to improve the deficiencies they had found. The new organizations accepted the findings and have begun to implement them.
Since more transparency was one of the GAO recommendations, both agencies took the opportunity in their opening statements to report on their progress and accomplishments. FSOC has met 28 times, including a two day meeting to monitor the potential economic problems resulting from Superstorm Sandy. OFR now has 140 employee and has sponsored a good number of projects and public sessions designed to enhance their support for the work of the FSOC.