GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
In light of the passage of the 1999 Gramm-Leach-Bliley Act and increased competition within the financial services industry at home and abroad, GAO was asked to report on the current state of the U.S. financial services regulatory structure.
Our June 2000 report Securities Arbitration: Actions Needed to Address Problem of Unpaid Awards revealed that, although investors had won a majority of awards against brokers, a high proportion of those awards had not been paid.
One in eight Americans are entitled to unclaimed and abandoned assets, according to the National Association of Unclaimed Property Administrators. These unclaimed and abandoned assets include savings and checking accounts, securities, paychecks, insurance settlements, and utility and rental deposits.
This report provides information on (1) the efficacy and adequacy of remedies provided by the Gramm-Leach-Bliley Act of 1999 in addressing attempts to obtain financial information by false pretenses and (2) suggestions for additional legislation or regulatory action to address threats to the privacy...
The National Association of Securities Dealers (NASD) subsidiary, NASD Dispute Resolution (DR), failed to update its arbitrator disclosure system in a timely manner. As a result, several parties in an arbitration did not receive timely information on their arbitrator.
This report discusses possible money laundering by U.S. corporations formed by Russian entities. It is easy for foreign entities to hide their identities while forming shell corporations that can be used for money laundering.
Pursuant to a legislative requirement, GAO reviewed the Bureau of the Public Debt's (BPD) computer controls, focusing on: (1) the vulnerabilities identified; and (2) a follow-up on previously reported vulnerabilities.
Pursuant to a legislative requirement, GAO provided information on real-time disclosure of foreign automated teller machine (ATM) fees levied by the card-issuing bank, focusing on: (1) alterations to the ATM system that would be needed to support real-time foreign fee disclosure; (2) estimated costs...