TAILIEUCHUNG - New Council and Research Office Should Strengthen the Accountability and Transparency of Their Decisions

It makes sense that annuities would be widely used by workers as a way to replace the guaranteed lifetime income security that once was provided by pensions. But annuities are not as well understood, not as popular, and not as competitively priced, given the increased need for them, as one would hope. Life insurance is, in a sense, the opposite of an annuity. The purchaser of an annuity bets that he or she will live a long time. The purchaser of life insurance bets that he or she will die soon. Both products have optionlike payoffs, the values of which are conditional on the actual longevity of. | United States Government Accountability Office GAO Report to Congressional Requesters September 2012 FINANCIAL STABILITY New Council and Research Office Should Strengthen the Accountability and Transparency of Their Decisions GAO-12-886 September 2012 Á GAO Accountability Integrity Reliability Highlights Highlights of GAO-12-886 a report to congressional requesters FINANCIAL STABILITY New Council and Research Office Should Strengthen the Accountability and Transparency of Their Decisions Why GAO Did This Study In 2010 the Dodd-Frank Wall Street Reform and Consumer Protection Act created FSOC to identify and address threats to the stability of the . financial system and OFR to support FSOC and Congress by providing financial research and data. GAO was asked to examine 1 any challenges FSOC and OFR face in fulfilling their missions 2 FSOC and OFR s efforts to establish management structures and mechanisms to carry out their missions 3 FSOC and OFR s activities for supporting collaboration among their members and external stakeholders and 4 the processes FSOC used to issue rules and reports. GAO reviewed FSOC documents related to the annual reports rulemakings and committee procedures as well as documents on OFR s budget staffing and strategic planning. GAO also interviewed FSOC and OFR staff FSOC member and member agency staff and external stakeholders including foreign officials industry trade groups and academics. What GAO Recommends GAO makes 10 recommendations to strengthen the accountability and transparency of FSOC and OFR s decisions and activities as well as to enhance collaboration among FSOC members and with external stakeholders. Treasury said as Chairperson that the council and OFR would consider the recommendations but questioned the need for FSOC and OFR to clarify responsibilities for monitoring threats to financial stability and stated that OFR expects to share some risk indicators. However stronger and more systematic actions are still needed in .

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