financialservices.house.gov

Cmte Financial Services (R)
Contact: Laura Peavey 2022257502


McHenry Continues Push for Federal Bureaucracy Oversight

Washington, Jan 7 -

WASHINGTON – Today, Congressman Patrick McHenry (NC-10), Republican leader of the House Financial Services Committee, sent letters to the eight Inspectors General (IG) of the agencies within the committee’s jurisdiction requesting an update on the agencies’ efforts to implement the IGs recommendations to reduce waste, fraud, and abuse.

Congressman McHenry highlighted the IGs “shared mission to reduce costs and improve efficiency throughout the federal bureaucracy,” through audits, investigations, and ultimately recommendations for reform, “with the potential to save taxpayers approximately $45.1 billion” in the most recent fiscal year.

The Ranking Member went on to request the IGs provide additional details on the agencies’ efforts to address these cost-saving recommendations, as the savings “can only be realized… when the agencies implement them.” Specifically, he asked for the IGs to identify unimplemented recommendations that their office considers “to be the most important or urgent,” as well as “whether agency management agreed or disagreed with the recommendation.”

Congressman McHenry requested a response from each IG by January 24, 2019.

Read the full letter sent to the Inspectors General for the Department of Housing and Urban Development (HUD), Export-Import Bank of the United States, Federal Deposit Insurance Corporation (FDIC), Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), National Credit Union Administration (NCUA), U.S. Securities and Exchange Commission (SEC), U.S. Department of Treasury, and Federal Reserve, below:

The community of inspectors general (IGs) conducts audits and investigations in support of their shared mission to reduce costs and improve efficiency throughout the federal bureaucracy.  In the most recent fiscal year, the IGs issued recommendations for reform with the potential to save taxpayers approximately $45.1 billion. 

The savings arising from the IG community’s recommendations can only be realized, however, when the agencies implement them.  With that in mind, the IGs periodically report their inventory of unimplemented recommendations—those for which the agency has been unable or unwilling to take corrective action.   Those reports yield valuable data for policymakers seeking to improve the economy, efficiency, and effectiveness of the federal government.

Your office’s most recent semiannual report to Congress provided a useful catalogue of open and unimplemented recommendations, many of which were issued several years ago.  To help the Committee better understand your office’s top priorities with respect to implementing reforms at the agency, please provide the following information:

1. Which three open or unimplemented recommendations does your office consider to be the most important or urgent?  For each, identify:

a. The status of the recommendation, including whether agency management has agreed or disagreed with the recommendation and the expected date of implementation; and,

b. The cost savings associated with the recommendation (if applicable). 

2. Describe your office’s audit and investigative priorities for fiscal year 2019, to include start and end dates.

Please respond to this request as soon as possible, but no later than January 24, 2019, and arrange to brief Committee staff after providing your response.  Thank you for your attention to this matter.  Contact Charlie Schreiber at (202) 225-4247 to schedule a briefing, or with any questions about this request.     

                                                            Sincerely,

                                                            ______________________

                                                            Patrick McHenry

                                                            Ranking Member

cc:       The Honorable Maxine Waters, Chair

              Committee on Financial Services