Defense Management: Observations on DOD's Analysis of Options for Improving Corrosion Prevention and Control through Earlier Planning in the Requirements and Acquisition Processes (open access)

Defense Management: Observations on DOD's Analysis of Options for Improving Corrosion Prevention and Control through Earlier Planning in the Requirements and Acquisition Processes

Correspondence issued by the Government Accountability Office with an abstract that begins "This report formally transmits briefing in response to section 1041 of the Duncan Hunter National Defense Authorization Act for Fiscal Year 2009. The act requires the Comptroller General to review the Department of Defense's report on options for improving corrosion prevention and control, including the methodology used to assess the potential options, and provide the results to the House and Senate Armed Services Committees within 60 days after submission of the Department of Defense report. On April 29, 2009, we provided the briefing to staff of Congressional committees to satisfy the mandate and 60-day reporting requirement."
Date: May 29, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library
Federal Reserve Banks: Areas for Improvement in Information Security Controls (open access)

Federal Reserve Banks: Areas for Improvement in Information Security Controls

Correspondence issued by the Government Accountability Office with an abstract that begins "In connection with fulfilling our requirement to audit the financial statements of the U.S. government, we audited and reported on the Schedules of Federal Debt Managed by the Bureau of the Public Debt (BPD) for the fiscal years ended September 30, 2008 and 2007. As part of these audits, we performed a review of the general and application information security controls over key financial systems maintained and operated by the Federal Reserve Banks (FRB) on behalf of the Department of the Treasury's (Treasury) BPD relevant to the Schedule of Federal Debt. As we reported in connection with our audit of the Schedules of Federal Debt for the fiscal years ended September 30, 2008 and 2007, we concluded that BPD maintained, in all material respects, effective internal control relevant to the Schedule of Federal Debt related to financial reporting and compliance with applicable laws and regulations as of September 30, 2008, that provided reasonable assurance that misstatements, losses, or noncompliance material in relation to the Schedule of Federal Debt would be prevented or detected on a timely basis. However, we found deficiencies involving information security controls that we do …
Date: May 29, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library
LLE Review, Quarterly Report: Volume 117, October-December 2008 (open access)

LLE Review, Quarterly Report: Volume 117, October-December 2008

This volume of the LLE Review, covering October-December 2008, features 'Demonstration of the Shock-Timing Technique for Ignition Targets at the National Ignition Facility' by T. R. Boehly, V. N. Goncharov, S. X. Hu, J. A. Marozas, T. C. Sangster, D. D. Meyerhofer (LLE), D. Munro, P. M. Celliers, D. G. Hicks, G. W. Collins, H. F. Robey, O. L. Landen (LLNL), and R. E. Olson (SNL). In this article (p. 1) the authors report on a technique to measure the velocity and timing of shock waves in a capsule contained within hohlraum targets. This technique is critical for optimizing the drive profiles for high-performance inertial-confinement-fusion capsules, which are compressed by multiple precisely timed shock waves. The shock-timing technique was demonstrated on OMEGA using surrogate hohlraum targets heated to 180 eV and fitted with a re-entrant cone and quartz window to facilitate velocity measurements using velocity interferometry. Cryogenic experiments using targets filled with liquid deuterium further demonstrated the entire timing technique in a hohlraum environment. Direct-drive cryogenic targets with multiple spherical shocks were also used to validate this technique, including convergence effects at relevant pressures (velocities) and sizes. These results provide confidence that shock velocity and timing can be measured in …
Date: May 28, 2009
Creator: Bittle, Wade A.
System: The UNT Digital Library
Financial Management: DOD Needs to Clarify Its General Gift Fund Policies to Provide for Effective Oversight (open access)

Financial Management: DOD Needs to Clarify Its General Gift Fund Policies to Provide for Effective Oversight

Correspondence issued by the Government Accountability Office with an abstract that begins "From fiscal year 2005 through fiscal year 2008, the military services received about $295 million in monetary and nonmonetary gifts from individuals and organizations wishing to donate gifts to the Department of Defense (DOD). Section 2601(a) of Title 10, U.S. Code is a long-standing authority under which the secretaries overseeing DOD, the military services, and the Coast Guard may accept a gift on the condition that the gift be used for the benefit of or in connection with the establishment, operation, or maintenance of schools, hospitals, libraries, museums, cemeteries, or other institutions or organizations under the jurisdiction of the secretary concerned. In 2008, gifts to benefit such institutions or organizations included a monetary gift to construct an education center and nonmonetary gifts of a bronze statue and granite benches. In 2006, Congress enacted additional authority, under 10 U.S.C. 2601(b) to allow the acceptance of gifts and services to benefit certain members of the armed forces and civilian employees of DOD who incurred a wound, injury, or illness in the line of duty and to benefit the dependents and survivors of those who are killed or wounded. For example, …
Date: May 27, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library
Firearm and Explosives Background Checks Involving Terrorist Watch List Records (open access)

Firearm and Explosives Background Checks Involving Terrorist Watch List Records

Correspondence issued by the Government Accountability Office with an abstract that begins "This report formally transmits a briefing in response to a Congressional request. Specifically, Congress requested that GAO update our January 2005 report entitled, Gun Control and Terrorism: FBI Could Better Manage Firearm-Related Background Checks Involving Terrorist Watch List Records, GAO-05-127 (Washington, D.C.: Jan. 19, 2005). Under the Brady Handgun Violence Prevention Act and implementing regulations, the Federal Bureau of Investigation (FBI) and designated state and local criminal justice agencies use the FBI's National Instant Criminal Background Check System (NICS) to conduct checks on individuals before federal firearms licensees (gun dealers) may transfer any firearm to an unlicensed individual. Also, to assist the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), the FBI conducts NICS background checks on individuals seeking to obtain a federal explosives license or permit. Under current law, there is no basis to automatically prohibit a person from possessing firearms or explosives because they appear on the terrorist watch list. Rather, there must be a disqualifying factor (i.e., prohibiting information) pursuant to federal or state law, such as a felony conviction or illegal immigration status. In response to the request, this report addresses (1) the number …
Date: May 21, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library
Fisheries Management: Alleged Misconduct of Members and Staff of the Western Pacific Fishery Management Council (open access)

Fisheries Management: Alleged Misconduct of Members and Staff of the Western Pacific Fishery Management Council

Correspondence issued by the Government Accountability Office with an abstract that begins "In recent years, several Hawaii-based conservation advocacy organizations and others have raised a variety of concerns about the conduct of members and staff of the Western Pacific Fishery Management Council (Western Pacific Council) related to lobbying and conflicts of interest, among other things. The Western Pacific Council is one of eight regional fishery management councils established by the Magnuson-Stevens Fishery Conservation and Management Act (Magnuson-Stevens Act). The council is responsible for developing management plans for fisheries in federal waters off Hawaii, American Samoa, Guam, the Northern Mariana Islands, and other U.S. Pacific islands. The council has 13 voting members--including 5 designated state and federal fishery managers and 8 members of the public with expertise in commercial and recreational fishing and marine conservation who are appointed by the Secretary of Commerce. The council employs an executive director with a staff of 13 to assist in the performance of its functions. An attorney from the National Oceanic and Atmospheric Administration (NOAA), an agency within the Department of Commerce, advises the council on regulatory and procedural matters and attends all council meetings. The Western Pacific Council currently finances all of its …
Date: May 20, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library
Joint Strike Fighter: Strong Risk Management Essential as Program Enters Most Challenging Phase (open access)

Joint Strike Fighter: Strong Risk Management Essential as Program Enters Most Challenging Phase

Testimony issued by the Government Accountability Office with an abstract that begins "The F-35 Joint Strike Fighter (JSF) program is the Department of Defense's (DOD's) most costly acquisition, seeking to simultaneously develop, produce, and field three aircraft variants for the Air Force, Navy, Marine Corps, and eight international partners. The total expected U.S. investment is now more than $300 billion to develop and procure 2,456 aircraft over the next 25 years. GAO's most recent report in March of this year discussed increased development costs and schedule estimates, plans to accelerate procurement, manufacturing performance and delays, and development test strategy. A recurring theme in GAO's work has been concern about what GAO believes is undue concurrency of development, test, and production activities and the heightened risks it poses to achieving good cost, schedule, and performance outcomes. This testimony discusses: (1) current JSF cost and schedule estimates; (2) engine development; (3) manufacturing performance; (4) contracting issues for procurement of aircraft; (5) and test plans. This statement draws from GAO's March 2009 report, updated to the extent possible with new budget data and a recently revised procurement profile directed by the Secretary of Defense."
Date: May 20, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library
Pension Benefit Guaranty Corporation: Financial Challenges Highlight Need for Improved Governance and Management (open access)

Pension Benefit Guaranty Corporation: Financial Challenges Highlight Need for Improved Governance and Management

Testimony issued by the Government Accountability Office with an abstract that begins "The Pension Benefit Guaranty Corporation (PBGC) insures the retirement future of nearly 44 million people in over 29,000 private-sector defined benefit pension plans. In July 2003, GAO designated PBGC's single-employer pension insurance program--its largest insurance program--as "high risk," including it on GAO's list of major programs that need urgent Congressional attention and agency action. The program remains on the list today with a financial deficit of just over $11 billion, as of September 2008. The committee asked GAO to discuss our recent work on PBGC. Specifically, this testimony addresses two issues: (1) PBGC's financial vulnerabilities, and (2) the governance, oversight, and management challenges PBGC faces. To address these objectives, we are relying on our prior work assessing PBGC's long-term financial challenges, and several reports that we have published over the last two years on PBGC governance and management. GAO has made a number of recommendations and identified matters for Congressional consideration in these reports, and PBGC is implementing some of these recommendations. No new recommendations are being made as part of this testimony."
Date: May 20, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library
Responses to Questions for the Record: March 18, 2009, Hearing on ATC Modernization: Near-Term Achievable Goals (open access)

Responses to Questions for the Record: March 18, 2009, Hearing on ATC Modernization: Near-Term Achievable Goals

Correspondence issued by the Government Accountability Office with an abstract that begins "This letter responds to a congressional request that we address questions submitted for the record related to the March 18, 2009, hearing entitled ATC Modernization: Near-Term Achievable Goals. Our attached responses to these questions are based on a review of literature on avionics and equipage incentives, interviews with Federal Aviation Administration officials, interviews with stakeholders and developers of avionics with knowledge of the maturity and costs of avionics equipment, and our knowledge of the areas addressed by the questions. We conducted this work from April 2009 to May 2009 in accordance with generally accepted government auditing standards. Those standards require that we plan and perform the audit to obtain sufficient, appropriate evidence to provide a reasonable basis for our findings and conclusions based on our audit objectives. We believe that the evidence obtained provides a reasonable basis for our findings and conclusions based on our audit objectives."
Date: May 20, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library
Space Acquisitions: DOD Faces Substantial Challenges in Developing New Space Systems (open access)

Space Acquisitions: DOD Faces Substantial Challenges in Developing New Space Systems

Testimony issued by the Government Accountability Office with an abstract that begins "Despite a growing investment in space, the majority of large-scale acquisition programs in the Department of Defense's (DOD) space portfolio have experienced problems during the past two decades that have driven up cost and schedules and increased technical risks. The cost resulting from acquisition problems along with the ambitious nature of space programs has resulted in cancellations of programs that were expected to require investments of tens of billions of dollars. Along with the cost increases, many programs are experiencing significant schedule delays--at least 7 years--resulting in potential capability gaps in areas such as positioning, navigation, and timing; missile warning; and weather monitoring. This testimony focuses on (1) the condition of space acquisitions, (2) causal factors, and (3) recommendations for better positioning programs and industry for success. In preparing this testimony, GAO relied on its body of work in space and other programs, including previously issued GAO reports on assessments of individual space programs, common problems affecting space system acquisitions, and DOD's acquisition policies."
Date: May 20, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library
State Research, Outreach, and Technical Assistance to Imrove the Nation's Transmission & Distribution System (open access)

State Research, Outreach, and Technical Assistance to Imrove the Nation's Transmission & Distribution System

The broad purpose of this project was to work cooperatively with the DOE to explore technology nad policy issues associated with more efficient, reliable, and affordable electric transmission and distribution use.
Date: May 20, 2009
Creator: Fox, J.; Keogh, M. & Spahn, A.
System: The UNT Digital Library
U.S. Postal Service: Network Rightsizing Needed to Help Keep USPS Financially Viable (open access)

U.S. Postal Service: Network Rightsizing Needed to Help Keep USPS Financially Viable

Testimony issued by the Government Accountability Office with an abstract that begins "The recession accelerated declines in mail volume in fiscal year 2008 and flattened revenues despite postal rate increases. That year, mail volume fell by 9.5 billion pieces, or 4.5 percent, and resulted in a net loss of $2.8 billion as the U.S. Postal Service's (USPS) cost-cutting did not close the gap between revenues and expenses. We testified this March before this subcommittee that USPS's financial condition has continued to deteriorate in the first 5 months of fiscal year 2009, with accelerating declines in mail volume and financial losses. USPS projected its financial condition to continue deteriorating for the rest of the fiscal year and to result in an unprecedented cash shortfall of $1.5 billion, assuming that ambitious cost-cutting targets are achieved. This testimony updates that information and focuses on (1) how USPS's financial viability is challenged given current economic conditions and whether USPS can cover its expenses and financial obligations, (2) USPS's opportunities to rightsize its retail and mail processing networks, and (3) what options and trade-offs need to be considered to address mail volume and revenue declines. It is based on GAO's past work and updated information …
Date: May 20, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library
Commonwealth of the Northern Mariana Islands: Coordinated Federal Decisions and Additional Data Are Needed to Manage Potential Economic Impact of Applying U.S. Immigration Law (open access)

Commonwealth of the Northern Mariana Islands: Coordinated Federal Decisions and Additional Data Are Needed to Manage Potential Economic Impact of Applying U.S. Immigration Law

Testimony issued by the Government Accountability Office with an abstract that begins "This testimony discusses our work on factors that will affect the potential economic impact of implementing the legislation applying U.S. immigration law to the Commonwealth of the Northern Mariana Islands (CNMI). Although subject to most U.S. laws, the CNMI has administered its own immigration system since 1978, under the terms of its 1976 Covenant with the United States. The CNMI has applied this flexibility to admit substantial numbers of foreign workers through a permit program for non-U.S. citizens (noncitizens) entering the CNMI. In 2005, these workers represented a majority of the CNMI labor force and outnumbered U.S. citizens in most industries, including garment manufacturing and tourism, which have been central to the CNMI's economy. The CNMI also has admitted tourists under its own entry permit and entry permit waiver programs and has provided various types of admission to foreign investors. As we have reported previously, the CNMI faces serious economic challenges, including the decline of garment manufacturing and fluctuations in tourism. The recent immigration legislation amends the U.S.-CNMI Covenant to establish federal control of CNMI immigration and includes several provisions affecting foreign workers and investors in the CNMI …
Date: May 19, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library
Information Security: Agencies Make Progress in Implementation of Requirements, but Significant Weaknesses Persist (open access)

Information Security: Agencies Make Progress in Implementation of Requirements, but Significant Weaknesses Persist

Testimony issued by the Government Accountability Office with an abstract that begins "Without proper safeguards, federal agencies' computer systems are vulnerable to intrusions by individuals and groups who have malicious intentions and can obtain sensitive information, commit fraud, disrupt operations, or launch attacks against other computer systems and networks. Concerned by reports of significant weaknesses in federal systems, Congress passed the Federal Information Security Management Act (FISMA), which permanently authorized and strengthened information security program, evaluation, and annual reporting requirements for federal agencies. GAO was asked to testify on its draft report on (1) the adequacy and effectiveness of federal agencies' information security policies and practices and (2) their implementation of FISMA requirements. To prepare for this testimony, GAO summarized its draft report where it analyzed agency, inspectors general, Office of Management and Budget (OMB), congressional, and GAO reports on information security."
Date: May 19, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library
Seclusions and Restraints: Selected Cases of Death and Abuse at Public and Private Schools and Treatment Centers (open access)

Seclusions and Restraints: Selected Cases of Death and Abuse at Public and Private Schools and Treatment Centers

Testimony issued by the Government Accountability Office with an abstract that begins "GAO recently testified before the Committee regarding allegations of death and abuse at residential programs for troubled teens. Recent reports indicate that vulnerable children are being abused in other settings. For example, one report on the use of restraints and seclusions in schools documented cases where students were pinned to the floor for hours at a time, handcuffed, locked in closets, and subjected to other acts of violence. In some of these cases, this type of abuse resulted in death. Given these reports, the Committee asked GAO to (1) provide an overview of seclusions and restraint laws applicable to children in public and private schools, (2) verify whether allegations of student death and abuse from the use of these methods are widespread, and (3) examine the facts and circumstances surrounding cases where a student died or suffered abuse as a result of being secluded or restrained. GAO reviewed federal and state laws and abuse allegations from advocacy groups, parents, and the media from the past two decades. GAO did not evaluate whether using restraints and seclusions can be beneficial. GAO examined documents related to closed cases, including police …
Date: May 19, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library
Questions for the Record Related to the Implementation of the Department of Defense's National Security Personnel System (open access)

Questions for the Record Related to the Implementation of the Department of Defense's National Security Personnel System

Correspondence issued by the Government Accountability Office with an abstract that begins "This letter provides answers to questions for the record. Questions from Chairman Ortiz include: (1) What steps could have been taken to roll out NSPS in a more orderly and fair fashion and if NSPS continues, what steps should now be taken to move forward? (2) As DOD and OPM leadership hold discussions to determine the overall framework, scope, and timeline of the review, what guidance or suggestions would you give to DOD and OPM to include in the methodology of this study? (3) Under the GS system, an employee steadily moves up through the various grades and can actually monitor actual career progression. There appears to be no such similar movement in NSPS; an employee, while receiving pay increases and bonuses, may remain in the same pay band for his/her entire career. If this is a valid concern, how can it be addressed, if NSPS continues? Questions from Representative Forbes include: (1) Based on the GAO testimony, one safeguard GAO believes needs to be implemented to increase employee confidence in the pay for performance system is for DOD to have a third party analyze the pay-pool recommendations …
Date: May 18, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library
Effect of Personnel Reform on the Federal Aviation Administration's Budget (open access)

Effect of Personnel Reform on the Federal Aviation Administration's Budget

Correspondence issued by the Government Accountability Office with an abstract that begins "Under personnel reform legislation enacted in 1995, the Administrator of the Federal Aviation Administration (FAA) implemented a new personnel management system. The system is exempt from most governmentwide personnel laws, but is subject to change only if the Administrator consults and negotiates those changes with the exclusive bargaining representatives of FAA's employees. When FAA and labor cannot reach an agreement regarding changes in the personnel management system, the legislation requires that the Federal Mediation and Conciliation Service be used to reach an agreement, and if that step is unsuccessful, FAA's proposed changes become effective 60 days after FAA transmits its proposed changes, along with labor's objections and its reasons for the objections, to Congress. FAA's first labor negotiation following the reform legislation was with the National Air Traffic Controllers Association (NATCA), which represents, among others, FAA's 15,000 Air Traffic Controllers, Traffic Management Coordinators, and Traffic Management Specialists. Congress' letter asked us to review FAA's human capital system. Congress also raised several questions, including (1) How personnel reforms have affected FAA's budget and how compensation for FAA's unionized workforce compares with other government employees? and (2) What has FAA …
Date: May 14, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library
Strategic Petroleum Reserve: Issues Regarding the Inclusion of Refined Petroleum Products as Part of the Strategic Petroleum Reserve (open access)

Strategic Petroleum Reserve: Issues Regarding the Inclusion of Refined Petroleum Products as Part of the Strategic Petroleum Reserve

Testimony issued by the Government Accountability Office with an abstract that begins "The possibility of storing refined petroleum products as part of the Strategic Petroleum Reserve (SPR) has been contemplated since the SPR was created in 1975. The SPR, which currently holds about 700 million barrels of crude oil, was created to help insulate the U.S. economy from oil supply disruptions. However, the SPR does not contain refined products such as gasoline, diesel fuel, or jet fuel. The Energy Policy Act of 2005 directed the Department of Energy (DOE) to increase the SPR's capacity from 727 million barrels to 1 billion barrels, which it plans to do by 2018. With the possibility of including refined products as part of the expansion of the SPR, this testimony discusses (1) some of the arguments for and against including refined products in the SPR and (2) lessons learned from the management of the existing crude oil SPR that may be applicable to refined products. To address these issues, GAO relied on its 2006 report on the SPR (GAO-06-872), 2007 report on the globalization of petroleum products (GAO-08-14), and two 2008 testimonies on the cost-effectiveness of filling the SPR (GAO-08-512T and GAO-08-726T). GAO also …
Date: May 12, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library
Texas Attorney General Opinion: GA-0714 (open access)

Texas Attorney General Opinion: GA-0714

Document issued by the Office of the Attorney General of Texas in Austin, Texas, providing an interpretation of Texas law. It provides the opinion of the Texas Attorney General, Greg Abbott, regarding a legal question submitted for clarification; Authority of a county to contract with a private entity for the collection of delinquent fines, fees, and court costs (RQ-0752-GA)
Date: May 12, 2009
Creator: Texas. Attorney-General's Office.
System: The Portal to Texas History
Texas Attorney General Opinion: GA-0715 (open access)

Texas Attorney General Opinion: GA-0715

Document issued by the Office of the Attorney General of Texas in Austin, Texas, providing an interpretation of Texas law. It provides the opinion of the Texas Attorney General, Greg Abbott, regarding a legal question submitted for clarification; Whether members of a county juvenile board may participate in the county's group health insurance program (RQ-0766-GA)
Date: May 12, 2009
Creator: Texas. Attorney-General's Office.
System: The Portal to Texas History
FY 2010 Budget Summary (open access)

FY 2010 Budget Summary

This report summarizes NOAA's budget request for the 2010 fiscal year.
Date: May 11, 2009
Creator: United States. National Oceanic and Atmospheric Administration.
System: The UNT Digital Library
Statutory Authorities to Prohibit Inspector General Activities (open access)

Statutory Authorities to Prohibit Inspector General Activities

Correspondence issued by the Government Accountability Office with an abstract that begins "This letter provides information Congress requested at the March 25, 2009, hearing entitled The Roles and Responsibilities of Inspectors General within Financial Regulatory Agencies. During the hearing, the former Inspector General (IG) of the Department of Homeland Security (DHS) testified that provisions of the Inspector General Act of 1978, as amended (IG Act), allow the Secretary of the Department of the Treasury to prevent the IG from pursuing an investigation or audit, including the issuance of subpoenas, under certain conditions. Due to concerns about the possible inappropriate use of such authorities, Congress asked GAO to identify federal agencies that possess the authority under the IG Act to prohibit audits and investigations by their offices of inspectors general (IG offices) and to determine the extent to which such provisions have been used to limit the IGs' activities."
Date: May 8, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library
Global Positioning System: Significant Challenges in Sustaining and Upgrading Widely Used Capabilities (open access)

Global Positioning System: Significant Challenges in Sustaining and Upgrading Widely Used Capabilities

Testimony issued by the Government Accountability Office with an abstract that begins "The Global Positioning System (GPS), which provides position, navigation, and timing data to users worldwide, has become essential to U.S. national security and a key tool in an expanding array of public service and commercial applications at home and abroad. The United States provides GPS data free of charge. The Air Force, which is responsible for GPS acquisition, is in the process of modernizing GPS. In light of the importance of GPS, the modernization effort, and international efforts to develop new systems, GAO was asked to undertake a broad review of GPS. Specifically, GAO assessed progress in (1) acquiring GPS satellites, (2) acquiring the ground control and user equipment necessary to leverage GPS satellite capabilities, and evaluated (3) coordination among federal agencies and other organizations to ensure GPS missions can be accomplished. To carry out this assessment, GAO's efforts included reviewing and analyzing program documentation, conducting its own analysis of Air Force satellite data, and interviewing key officials."
Date: May 7, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library
Hedge Funds: Overview of Regulatory Oversight, Counterparty Risks, and Investment Challenges (open access)

Hedge Funds: Overview of Regulatory Oversight, Counterparty Risks, and Investment Challenges

Testimony issued by the Government Accountability Office with an abstract that begins "In 2008, GAO issued two reports on hedge funds--pooled investment vehicles that are privately managed and often engage in active trading of various types of securities and commodity futures and options contracts--highlighting the need for continued regulatory attention and for guidance to better inform pension plans on the risks and challenges of hedge fund investments. Hedge funds generally qualified for exemption from certain securities laws and regulations, including the requirement to register as an investment company. Hedge funds have been deeply affected by the recent financial turmoil. But an industry survey of institutional investors suggests that these investors are still committed to investing in hedge funds in the long term. For the first time hedge funds are allowed to borrow from the Federal Reserve under the Term-Asset Backed Loan Facility. As such, the regulatory oversight issues and investment challenges raised by the 2008 reports still remain relevant. This testimony discusses: (1) federal regulators' oversight of hedge fund-related activities; (2) potential benefits, risks, and challenges pension plans face in investing in hedge funds; (3) the measures investors, creditors, and counterparties have taken to impose market discipline on hedge funds; …
Date: May 7, 2009
Creator: United States. Government Accountability Office.
System: The UNT Digital Library