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Recommendations Database

GAO’s recommendations database contains report recommendations that still need to be addressed. GAO’s priority recommendations are those that we believe warrant priority attention. We sent letters to the heads of key departments and agencies, urging them to continue focusing on these issues. Below you can search only priority recommendations, or search all recommendations.

Our recommendations help congressional and agency leaders prepare for appropriations and oversight activities, as well as help improve government operations. Moreover, when implemented, some of our priority recommendations can save large amounts of money, help Congress make decisions on major issues, and substantially improve or transform major government programs or agencies, among other benefits.

As of October 25, 2020, there are 4812 open recommendations, of which 473 are priority recommendations. Recommendations remain open until they are designated as Closed-implemented or Closed-not implemented.

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Results:

Subject Term: "Futures contracts"

2 publications with a total of 5 open recommendations
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Bank Secrecy Act: Agencies and Financial Institutions Share Information but Metrics and Feedback Not Regularly Provided
GAO-19-582, Aug 27, 2019
Director: Michael E. Clements
Phone: (202) 512-8678

4 open recommendations
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Recommendation: The Director of FinCEN, after consulting with the Commodity Futures Trading Commission (CFTC), should consider prioritizing the inclusion of the primary SRO conducting BSA examinations in the futures industry in the Bank Secrecy Act Advisory Group (BSAAG) on a more consistent basis and also making the primary futures industry association a concurrent member. (Recommendation 1)

Agency: Department of the Treasury: Financial Crimes Enforcement Network
Status: Open

Comments: When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Recommendation: The Director of FinCEN, after consulting with CFTC, should take steps to explore providing direct BSA data access to the National Futures Association. (Recommendation 2)

Agency: Department of the Treasury: Financial Crimes Enforcement Network
Status: Open

Comments: When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Recommendation: The Director of FinCEN should review options for FinCEN to more consistently and publicly provide summary data on the usefulness of BSA reporting. This review could either be concurrent with FinCEN's BSA value study or through another method. (Recommendation 3)

Agency: Department of the Treasury: Financial Crimes Enforcement Network
Status: Open

Comments: As of August 2020, FinCEN officials told us that they began to implement a strategy to communicate the results of its BSA Value Study (completed in April 2020) and more generally publicize statistics on the value that BSA reporting provides to industry and the public. According to FinCEN officials, they have made some progress in implementing the communication strategy, including briefing key public and private sector stakeholders and developing fact sheets, videos and other materials for eventual public release, and expect to complete the initial phase of the communication plan by the end of 2020.
Recommendation: The Director of FinCEN should review options for establishing a mechanism through which law enforcement agencies may provide regular and institution-specific feedback on BSA reporting. Options should take into consideration providing such feedback to cover different types of financial institutions and those with significant financial activity. This review could either be part of FinCEN's BSA value study or through another method. (Recommendation 4)

Agency: Department of the Treasury: Financial Crimes Enforcement Network
Status: Open

Comments: According to FinCEN officials, it will use measures outlined in response to Recommendation 3 and information gathered from the BSA Value Study to develop a specific action plan to better collect data for FinCEN and its law enforcement and other partners in a way that allows them to communicate more consistent feedback to reporting entities, and address the gaps and recommendations from the study. FinCEN anticipates the development and approval of the action plan by the end of 2020.
U.S. Department of Agriculture: Additional Data Analysis Could Enhance Monitoring of U.S. Cattle Market
GAO-18-296, Apr 10, 2018
Director: Steve Morris
Phone: (202) 512-3841

1 open recommendations
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Recommendation: The Secretary of Agriculture should direct the AMS administrator to ensure that P&SP routinely conducts in-depth analysis of the transaction data that it collects. Such analysis could include but not be limited to examining competition levels in different areas of the country. (Recommendation 2)

Agency: Department of Agriculture
Status: Open

Comments: USDA agreed that routine in-depth analysis of packer transaction data would enhance USDA's monitoring of the fed cattle market to ensure against discriminatory or anticompetitive practices. In April 2020, USDA officials said the agency has made progress to complete the in-depth analysis and regular monitoring of the transaction data it collects. We will continue to monitor USDA's progress.