Financial Services Institutions: Information for Assessing the Government's Potential Financial Exposure
Highlights
Pursuant to a congressional request, GAO provided information on selected financial services institutions, focusing on: (1) the potential financial exposure faced by the federal government as a result of financial services institutions sponsored, in whole or in part, by the federal government; (2) the institutions sponsored, in whole or in part, by the federal government or corporations within the executive branch that engage in financial services activities; (3) the extent to which these institutions are subject to oversight mechanisms and controls, such as a safety and soundness regulator and coverage by various statutes that promote accountability and control; (4) the independence and authorities of any safety and soundness regulators for these financial services institutions; (5) general indicators of potential exposure that these financial services institutions pose to the federal government, such as the maximum amount of theoretical losses associated with an institution's credit or insurance activities; and (6) the self-reported readiness of these institutions and regulatory efforts to achieve year 2000 compliance.