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FPCD-77-46 1 (1977-08-12)

handle is hein.gao/gaobaacpb0001 and id is 1 raw text is: DOCUMEN~T RESU4-. 03169 - rA2273051' Proposals Regarding the Federal Reserve Board's Financial Disclosure 3ystem. FPCD-77-46; B-118535. August 12, 1977. 15 pp. + 4 appendices (14 pp-,). Report to the Congress; by Elmer B. Stsats, Comptroller General. Issue Area: Personnel Management and Compensation (300). Contact: Federal Personnel and Compensation Div- Budget Function: General Government: Central Personnel management (95). Organization Concerned: Federal Reserve System: Board of Governers. Congre-ssional Relevance: House Committee on Banking, Currency and Rousing; Senate Committee on Banking, Housing and Urban Affairs; Congress. Authority: Federal Reserve Act of 1913. Securities Exchange Act of 1934, as amended. Fair Credit Reporting Act. Currency Transaction Reporting Act. 18 U.S.C. 212, 213. 12 u.S.C. 244. 12 U.S.C. 611. 12 U.S.C. 631. 12 U.S.C. 620. Fxecutive Order 11222. 1? CF.R.. 264.735,. The Board of Governors of the Federal Reserve System has established a financial disclosure system for its employeps that is designed to maintain public cnnfidence in Board operations. Federal Reserve System regulations require employees in designated positions at the GS-13 level and above to subm. confidential financial statemoents of employment are financial interests. Findings/Conclusions: Employees in 26 positions reviewed by GAO who should have filed qkatements, according to Civil Service guidelines, did not do so lecause disclosure criteria were not specific enough. Only 85 of approximately 1,500 Board employees werk required to file statements in 197F. In Mtav 1977, the Board amended its regulations to expand the number of positions requiring filing of statements. No comprehensive listing of prohibited iaterests and procedures has been developed to help determine if speculation has taken place. The financial disclosure form should be revised to include information needed to enforce Board regulations. Some Board employees are not restricted in their credit arrangements even thouqh they have duties that may influence policy and decisiormaking. Recommendations: The Board should take steps to improve its financial disclosure system by: including specific criteria for identifying positions requiring financial disclosure statemants; seeking Civil Service Commission approval to include more data about employees' financial transactions on the statements; and establishing written criteria for reviewing statements to include a comprehensive listing cf prohibited interests, a further definition of speculative transactions, anI triteria for restricting loans from sapervised or regulated institutions. (Author/T?)

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