Employee Financial Disclosure:

Farm Credit Administration System Is Generally Operating Effectively

GGD-90-115: Published: Sep 27, 1990. Publicly Released: Oct 30, 1990.

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Pursuant to a congressional request, GAO determined whether the Farm Credit Administration's (FCA) financial disclosure system safeguarded against conflicts between employees' financial interests and their federal duties.

GAO found that: (1) FCA significantly improved its financial disclosure system the Office of Government Ethics reported in January 1985 that its system was inadequate; (2) FCA appointment of an alternate designated ethics official improved the administration of the disclosure system; (3) FCA improved its procedures for identifying employees required to file public and confidential disclosure reports; (4) employees generally filed public and confidential reports on or before the required due dates, and 345 of the 354 employees designated to file 1989 confidential reports did so; (5) FCA improved the timeliness of its reviews of public and confidential disclosure reports; and (6) FCA needs to publish more specific information on circumstances that could result in conflicts of interest under ethics regulation.

Recommendations for Executive Action

  1. Status: Closed - Implemented

    Comments: FCA is now date stamping all financial reports upon receipt to determine timeliness of filing.

    Recommendation: The Chairman, FCA, should require the designated agency ethics official and his alternate to use receipt dates to determine the timeliness of filing and review of both public and confidential reports.

    Agency Affected: Farm Credit Administration

  2. Status: Closed - Implemented

    Comments: FCA is now reviewing confidential reports within 60 days.

    Recommendation: The Chairman, FCA, should require the designated agency ethics official and his alternate to require confidential disclosure reports to be reviewed within 60 days after receipt.

    Agency Affected: Farm Credit Administration

  3. Status: Closed - Implemented

    Comments: The reports are sent to the Chairman, FCA, following each financial disclosure cycle.

    Recommendation: The Chairman, FCA, should require the designated agency ethics official and his alternate to provide periodic status reports to ensure appropriate filing and review of all required disclosure reports.

    Agency Affected: Farm Credit Administration

  4. Status: Closed - Implemented

    Comments: All recommended actions have been substantially completed.

    Recommendation: The Chairman, FCA, should require the designated agency ethics official and his alternate to obtain and review disclosure reports due in 1989 but not filed or not fully reviewed, and take appropriate action on all questionable financial interests where necessary.

    Agency Affected: Farm Credit Administration

  5. Status: Closed - Implemented

    Comments: FCA is doing this on a continuing basis.

    Recommendation: The Chairman, FCA, should require the designated agency ethics official and his alternate to provide FCA employees with required information on situations that have posed or may pose conflicts of interest.

    Agency Affected: Farm Credit Administration

 

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