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GAO-01-411SP 1 (2001-03-01)

handle is hein.gao/gaobabmep0001 and id is 1 raw text is: * MANAGING DIRECTOR Thomas J. McCool ELDIRECTORS Davi M. D'Agostino Richard J. Hillman I PHONE (202) 512-8678 MAILING ADDRESS U.S. General Accounting Office Financial Markets and Community Investment Room 2A28 441 G Street, NW Washington, D.C. 20548 FINANCIAL MARKETS AND COMMUNITY INVESTMENT Rapid advancements in technology and the easy movement of intellectual and financial capital across borders have increased economic interdependence, which has important implications for the economic well-being of the American people. At the same time, healthy and vibrant communities are vital to the quality of life of our citizens and are dependent on sustainable economic growth. Financial Markets and Community Investment assists the Congress in finding ways to take advantage of the opportunities of these global market forces while mitigating the risks and the negative effects on certain communities and segments of the population. I DECITO UM Our work covers the activities of the Securities and Exchange Commission (SEC), Federal Reserve, Commodity Futures Trading Commission, Small Business Administration (SBA), Federal Housing Administration (FHA), Department of Commerce, the regulators of depository institutions, government-sponsored enterprises, and other agencies involved in financial markets and community investment. We review the effectiveness and efficiency of agency operations and examine the extent to which they are achieving desired outcomes. Our work includes assessing risks and benefits in federal mortgage assistance programs; developing a strong small business and community base; and assessing the financial services industry and its regulators from the perspective of efficiency, stability, and customer access and protection. IMATO Our work helped the Congress craft portions of the Gramm-Leach-Bliley Act of 1999, which modernized the financial services industry by (1) facilitating affiliation among banks, securities firms, and insurance companies and (2) preserving important roles for the Federal Reserve and the Department of the Treasury in overseeing banking activities. Our evaluations helped the Congress push the securities industry and its regulators to price and trade securities in dollars and cents rather than fractions. In addition, securities regulators (1) implemented our recommendations to provide investors information they need to understand the risks and rewards of day trading and online trading and (2) took steps that will improve the fairness of arbitration. V(/4oCO- i Ac nIIt G nert A e 0 llt

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