The Results Act:

Observations on the Federal Reserve's 1998-99 Biennial Performance Plan

GGD-99-9R: Published: Nov 9, 1998. Publicly Released: Nov 9, 1998.

Additional Materials:


Thomas J. McCool
(202) 512-8678


Office of Public Affairs
(202) 512-4800

Pursuant to a congressional request, GAO reviewed the Federal Reserve System's (FRS) 1998-99 Biennial Performance Plan, focusing on: (1) assessing how well FRS' performance plan meets the requirements of the Government Performance and Results Act and related guidance; and (2) improving future performance plans.

GAO noted that: (1) FRS has made a good initial effort in preparing its first performance plan; (2) the plan contains all of the elements required by the Results Act and is directly linked to FRS' Results Act Planning Document's strategic goals; (3) the plan's goals also cover all of the functional areas described in FRS' budget, and the performance objectives for each goal define performance expectations in more detail; and (4) however, the plan could be more useful for congressional oversight if it: (a) expressed performance goals more objectively and quantifiably and fully measured performance goals; (b) simplified performance expectations for several performance goals and linked them directly to specific measures and targets that match the performance expectations; (c) developed additional outcome measures; (d) more directly linked strategic goals and annual performance goals; (e) more clearly explained plans for coordinating efforts with other financial regulatory agencies; (f) better explained how FRS' strategies and resources will help achieve its performance goals; and (g) provided more specific information on how FRS verifies and validates performance information and addresses the data limitations.

Sep 22, 2020

Sep 4, 2020

Jul 21, 2020

Jul 6, 2020

Apr 30, 2020

  • finance icon, source: Comstock

    Priority Open Recommendations:

    Department of the Treasury
    GAO-20-549PR: Published: Apr 23, 2020. Publicly Released: Apr 30, 2020.

Apr 27, 2020

Apr 21, 2020

Apr 20, 2020

Looking for more? Browse all our products here