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GGD-98-190R 1 (1998-09-15)

handle is hein.gao/gaobacmov0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 1C(JI 7O General Government Division B-280529 September 15, 1998 The Honorable Donna Tanoue Chairman Federal Deposit Insurance Corporation Subject: The Results Act: Observations on FDIC's Annual Performance Plan Dear Ms. Tanoue: This letter provides our observations on the Federal Deposit Insurance Corporation's (FDIC) 1998' annual performance plan submitted to meet the requirements of the Government Performance and Results Act of 1993 (the Results Act). We were asked by the House Committee on Banking and Financial Services to review this plan together with annual plans submitted by other financial regulatory agencies. This letter provides our assessment of how well FDIC's performance plan meets the requirements of the Results Act, as well as our observations for improving future performance plans. Annual performance plans can be an invaluable tool for making policy decisions, improving program management, enhancing accountability, and communicating to both internal and external audiences how the long-term strategic direction outlined in strategic plans is translated into the day-to-day activities of managers and staff. Successful implementation of a performance- based management system, as envisioned by the Results Act, represents a significant challenge requiring sustained agency attention. While opportunities exist to improve FDIC's initial performance plan, actions to date clearly show a good faith effort to implement the Results Act. In our discussions with your staff, we found FDIC seriously committed to fulfilling both the requirements of the Act and congressional expectations that the plans inform Congress and the public about FDIC's performance goals, including how the agency will accomplish goals and measure the results. The points made in this letter are intended to assist FDIC in its continued efforts to implement the Act. As such, the content of this letter focuses greater attention on areas where 1In cases where an agency operates on a fiscal year different from October 1 to September 30, the performance plan should correspond to the agency's fiscal year. FDIC operates on a calendar year basis. GAO/GGD-98-190R FDIC Annual Performance Plan

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