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Financial Regulation Review of Selected Operations of the Federal Housing Finance Board

By General Accounting Office


Description
Government Accountability Integrity Reliability Office Collection

Excerpt
Excerpt: FHFB?s chair has greater authority to make key administrative decisions than the chairs at five of the six other financial regulators GAO reviewed. FHFB?s chair has the authority to appoint and remove officials and reorganize the agency without a vote by the board. In contrast, statutes, regulations, and practices limit the chairs? authorities at most other regulators. In particular, the boards or commissions at these agencies approve most senior-level appointments and several boards approve major reorganizations. The basis for the FHFB chair?s comparatively broad administrative authority is a delegation of authority, which the board passed in 1990 and 1993 (see excerpt below). The delegation allows the chair to make and implement key decisions without obtaining or benefiting from the views of all board members and has contributed to sometimes bitter conflicts among board members over the past 8 years.

 
 



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