Federal Reserve System (121 - 130 of 403 items)
Information Security: Federal Reserve Needs to Address Treasury Auction Systems
GAO-06-659: Published: Aug 30, 2006. Publicly Released: Aug 30, 2006.
The Federal Reserve System's Federal Reserve Banks (FRB) serve as fiscal agents of the U.S. government when they are directed to do so by the Secretary of the Treasury. In this capacity, the FRBs operate and maintain several mainframe and distributed-based systems--including the systems that support the Department of the Treasury's auctions of marketable securities--on behalf of the department's B...
Baby Boom Generation: Retirement of Baby Boomers Is Unlikely to Precipitate Dramatic Decline in Market Returns, but Broader Risks Threaten Retirement Security
GAO-06-718: Published: Jul 28, 2006. Publicly Released: Jul 28, 2006.
The first wave of baby boomers(born between 1946 and 1964) will become eligible for Social Security early retirement benefits in 2008. In addition to concerns about how the boomers' retirement will strain the nation's retirement and health systems, concerns also have been raised about the possibility for boomers to sell off large amounts of financial assets in retirement, with relatively fewer you...
Credit Cards: Customized Minimum Payment Disclosures Would Provide More Information to Consumers, but Impact Could Vary
GAO-06-434: Published: Apr 21, 2006. Publicly Released: Apr 24, 2006.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires that credit card issuers (issuers) include in all cardholder billing statements a generic warning, or "disclosure," about the potential financial consequences of consistently making only the minimum payment due on a credit card. However, some have urged that consumers should instead receive "customized" disclosures in the...
Bureau of the Public Debt: Areas for Improvement in Information Security Controls
GAO-06-522R: Published: Mar 16, 2006. Publicly Released: Mar 16, 2006.
In connection with fulfilling our requirement to audit the financial statements of the U.S. government, we audited and reported on the Schedules of Federal Debt Managed by the Bureau of the Public Debt (BPD) for the fiscal years ended September 30, 2005 and 2004. As part of these audits, we performed a review of the general and application information security controls over key BPD financial syste...
Offshoring of Services: An Overview of the Issues
GAO-06-5: Published: Nov 28, 2005. Publicly Released: Nov 28, 2005.
Much attention has focused on the "offshoring" of services to lower-wage locations abroad. Offshoring generally refers to an organization's purchase of goods or services from abroad that were previously produced domestically. Extensive public debate has arisen about both the potential benefits of services offshoring, such as lower consumer prices and higher U.S. productivity, as well as the potent...
Financial Institutions: Issues Regarding the Tax-Exempt Status of Credit Unions
GAO-06-220T: Published: Nov 3, 2005. Publicly Released: Nov 3, 2005.
Unlike other depository institutions, credit unions are exempt from federal corporate income taxes. Recent legislative and regulatory changes to credit union membership restrictions and allowable products and services have blurred some of the historical distinctions between credit unions and other depository institutions. As a result, some observers have raised questions about whether tax exemptio...
Real Estate Brokerage: Factors That May Affect Price Competition
GAO-05-947: Published: Aug 31, 2005. Publicly Released: Sep 28, 2005.
Consumers paid an estimated $61 billion in residential real estate brokerage fees in 2004. Because commission rates have remained relatively uniform--regardless of market conditions, home prices, or the effort required to sell a home--some economists have questioned the extent of price competition in the residential real estate brokerage industry. Further, while the Internet offers time and cost s...
Financial Market Organizations Have Taken Steps to Protect against Electronic Attacks, but Could Take Additional Actions
GAO-05-679R: Published: Jun 29, 2005. Publicly Released: Jul 29, 2005.
The September 11, 2001, terrorist attacks on the World Trade Center exposed the vulnerability of the financial markets to disruption by such events. As part of a series of reviews we have performed at the request of Members of Congress, we have examined and reported on the adequacy of the steps that financial market participants have taken to reduce their vulnerability to attacks and to be better...
September 11: Recent Estimates of Fiscal Impact of 2001 Terrorist Attack on New York
GAO-05-269: Published: Mar 30, 2005. Publicly Released: Apr 5, 2005.
In 2002, GAO reported that the New York budget offices estimated that from the terrorist attack, New York City sustained tax revenue losses of $1.6 billion for 2002 and $1.4 billion for 2003, New York State $1.6 billion for 2002 and $4.2 billion for 2003. GAO found some limitations to these estimates, such as that it is likely that they included some of the economic recession under way in Septembe...
Catastrophe Risk: U.S. and European Approaches to Insure Natural Catastrophe and Terrorism Risks
GAO-05-199: Published: Feb 28, 2005. Publicly Released: Mar 30, 2005.
Natural catastrophes and terrorist attacks can place enormous financial demands on the insurance industry, result in sharply higher premiums and substantially reduced coverage. As a result, interest has been raised in mechanisms to increase the capacity of the insurance industry to manage these types of events. In this report, GAO (1) provides an overview of the insurance industry's current capaci...