Executive Furniture:

Financial Regulatory Agencies' Procurement Policies

GGD-92-102: Published: Jun 29, 1992. Publicly Released: Jun 29, 1992.

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Pursuant to a congressional request, GAO reviewed whether the Office of the Comptroller of the Currency (OCC) and other financial regulatory agencies, such as the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (FRB), the Office of Thrift Supervision (OTS), the Resolution Trust Corporation (RTC), and the Securities and Exchange Commission (SEC), have procurement guidelines to prevent purchases of excessively priced executive furniture.

GAO found that: (1) there were three criteria to prevent purchases of excessively priced executive furniture and protect the government from projecting an image of extravagance in its office furnishings; (2) all six agencies incorporate the three criteria, which include using the Federal Supply Schedule for smaller purchases and competitive acquisition methods for larger purchases, limiting furniture purchases to those requirements considered essential, and prohibiting the purchase of top-of-the-line furniture; (3) OTS does not have a policy to prohibit the purchase of excessively priced executive furniture; (4) SEC and FRB do not have policies specifically prohibiting the purchase of top-of-the-line executive furniture, although SEC prohibits its presidential appointees and FRB prohibits all of its employees from spending more than $5,000 on new furniture; and (5) SEC and FRB officials believe those limits effectively bar the purchase of top-of-the-line executive furniture.

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