Dodd-Frank Entities Lack Transparency and Accountability

The House Financial Services Committee says after an extensive nine month audit by the Government Accountability Office (GAO) of the Financial Stability Oversight Committee (FSOC) and the Office of Financial Research (OFR), both creations of the Dodd-Frank Act, public information of their activities is limited. Financial Services Committee Chairman Spencer Bachus, and Oversight and Investigations Subcommittee Chairman Randy Neugebauer, who requested the report, said in a letter to Treasury Secretary Tim Geithner, who is chairman of FSOC, “The actions that FSOC and OFR have taken, and will take in the future, have the potential to directly and significantly affect the financial stability of the United States. It is therefore critically important that FSOC and OFR operate in a manner that promotes greater congressional and public understanding of their actions.” MHProNews has learned in a letter to Secretary Geithner, Reps. Bachus and Neugebauer ask for more detailed recommendations, accountability, and transparency of the proceedings of the FSOC, and how the agency will promote more coordination among its member agencies.

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