Developments in Securities Regulation, Corporate Governance, Capital Markets, M&A and Other Topics of Interest. MORE

As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Congress required the Government Accountability Office, or GAO, to report on the relative independence, effectiveness, and expertise of federal Inspector Generals, or IGs, appointed by the President and confirmed by the Senate (presidential) and those appointed by agency heads in designated federal agencies.  The Dodd-Frank Act also calls for GAO to report on the effect that provisions in the Dodd-Frank Act have on the independence of the IGs.  GAO has recently issued its report.

GAO found that the IGs had:

  • taken actions to implement statutory provisions intended to enhance their independence;
  • reported billions of dollars in potential savings and other measures of effectiveness, including actions taken to help prevent fraud in the distribution of American Recovery and Reinvestment Act of 2009; and
  • a range of expertise and qualifications in the areas specified by the Inspector General Act of 1978.

Check frequently for updates on the Dodd-Frank Act and other important securities law matters.

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