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..i APPlIED IMAGE _ . 1655 E. tlAIN STREET ~ -= ~STER. NY 104609 ~-= FRX (716 ) "82-0SOO

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Plecl&lon IM4G E P!oducts a SeMces

Best copy available. GAO copy is missing pages 4-5.

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Accountability: ]\'lore Vital Than E\"er

I :.<m\(,'ln lh~ ... ond,·r\\h~ .1'-1<1' '11.11.,111'. ha .. n ' '\ ''' r l'au~hl on .I.~ a 11.111 1111.111;111\ I< ,' ry I'f' rlmp!> thto: ... "rd 11.0.<'1. JI .... ' 1.11 ).,, 111.' n ng of -Inuh. JU!>lIC'l.". ,jml th t· Am. 'n, til

" ay - Vel nwmJxors of Iht· ;)l.'t'UUIl1 unl .m!1 " UI.IIIII'1 I( Ilfof~lons h:l\ (' ;)1\,,1~" umlcf'Slood It>t' ml l )O!"::l1~'\' uf ;lC(;ounfabllny T()f la),. ;1fh'r ~mll' <11 "UT

Ill"'" l rtlSII'(II 'ubhc ant! I'n\':lh' msU{uliollS ha\'\.' Ikt!Il shJkl.'fI It)' !>t~"d.d .. o r m is lll :lnag('mc n L mUff' 1)(>\'1111' Ih.ul ~.\ ,'r arc ("QImnlJ to rellh:to.· mal ;u;:couIU;JIJ,hty l ~ mlm;' than a dry and ;ah!>lrJ C1IlnnnJ,h' ACl:'o unlablllly IS. tn fat1 altl,.. iLt",Jn 0 1

how our rounuy W"4S Ill.:'UnI to OI7,·ral.~

Wh~lhl'r II 'lllll)mt~ tiT 1!1l\,,·nlllh'U\ ... " n' <.lllung'300uI, au'uutJla!J,hIY , .. ,· ..... ·1111.11

lK.'t:a uSo;' It e n(ort'l'S ",IJhd.nd" "I

Tt'SllOnsrblc \c"dCfl!hll ' 1!"!>l'''U''lllh' ll'adershrp CTCJ.!('!> u'U!>~ AruJ rht! I'tlllh~'-) uust IS cru~'r"ILO !lny hu,.m~"'"'!>' ,r gUII.mnw n! l'nlcrprt!tl'II\Jt ... un" 1'.

SU I"\~I.t! 3m.! nounsh \'''11)111" .. 111.)1\.:. '!"p. '11.1 on Ul{' "uhlll"S WIIIII1I:IlI..." til 1111 , '0..1 !lU 'llI"y In Them Thl' glwt'mTlll," " dt'p"noj" nn th,' pubh(" s wllhngn~ to JUuk h) 111.-1,1" "o!,. to Lilt! IlOlls. and pay WJ(t'l> Th,-:,(' Ihm\!" too, C"OIlSUlUU~ an 1l"l\e5lmt"nr JU::.I J.>i

pn\'al. In\'estOrs art' ::.h31Chukkn. In corporations and 113\,' 11 "Iak,' In h' ,ldln~ (' !(I'"CUU\'es aC"CI1Ulllablt' for !twlr

pcrfoml3nce .4. IlIt>ncatl (·rtlz;.'r.:. .If{' ::..harehf)ldl"l"l> III th I I/,O\t,m uwl1l .Illd hJ\" a SUioke In hoh..llng Iho'lr ,,11"1,'1, ... 1 "Oil IJio. arcountablt' fo r 0\4:' .... ay they ~{)I' m

What aU thIS m."n.:. I" thaI ",tw AII,,-n. oJll

"'3Y" ( .. Ilno\ " nrk If Iht>r t' I::. nil nw .. n~,.1 m,untamtng truSt III Ih.· .,~ ... h·rn "Cl.'Oum3ulht~ ·s I\,at mL"\·h .. I:I"'"

If a, urptlf'dUOT\ \w .. .,. ,h.-,·ur;li.J.-llI" ,,! 11:::

shart>hnlc!'-r.- Iht' vnt t' .r llt:. ~" .. ,c " ,t1

r .... 1

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fall-and so .... '11 the fo n ulh':o ,,: . ~ t'XI'CUl!I'PS Ltke wIS\', f'if't·" ... I .,;':' ,-:al$ who l~ the confidence' or Ihl'lT (,'r~". :u~nl.S

tend to be I'oted o ut.. BUI ,r "",":" .£"t.·ades, thl' gow'mnll!nt llSe'lrl~'S ttlt' .'. nlidcncc o f ILS Cltil;l'nS !.he l'Onscqu.,u,',':o ... tl i go f3T beyond who wIns or I()S('S ,·I, ... .'n .f"~ ut.'h new gl'n,'r,tu un o f el"{'!I'(j " f:k::.:; 10,11 find Ihe pubhc's c onfidf'm'( •. 1 :1· ' more s hallo w than t!lt1th!' last.. n\,'~ .... ,! find ctuze ns It·ss Wllhng to In\' .... ' tTl r-u,Clng theIr gO\'emmenl !luCC'ffti.

TIns can IX' cspt'Clally S('n'l"~ : ..... I nauo n ("cmg proble ms as 1I111ld SUh! .l~ · t ~ o nes ..... 1' face today Our heailh ,';1:<' ~ ""ltm nceJs a m3Jor O\·l' rhaul. OUT , :",!" ,~

,.-stablll>hml·nl needs !O II<' r .... ~:I .-: .mt! restructured. and OUT work"N ;,,.,...J to be educated and TE'tr.l IOt.-d (or .t ::1,1"

dcmandlll8 .... orkpla~~ 3nd .1 ;":'.'" COIllpt!i IliI"E' glo bal econullI.'

And ..... hlle "" e grapIlI,· wnh : :-.• ':0 :nd other challeng<'S, fede ral drfi(" II;; .' :. <.It to sap the 8m'emmenl 1)[ Its rPSil\IT .. .,, -e- _.11 the nauon of Its $311ng!!.

Health care reJorm, dt'ft'n;; .. ~~-.':tunng,

educauon and trainlllg, th .. . :t,", ,~. --our

Itaders may be WIlling 31 /:t.,,,: ' :.A."t! up to the lOugh cho,,:es on tht'St' :''''~ .. . .. nd to

call at last fo r sacnfic~. t.U!:: ' 111 make I-"ef)' hule head\\"a~ \I~:; _ ne support o f the AmenC3fl pn':'., -:1aJ: support Wlll d ("otend alaI 0::· , nuch the Amencan people t.ru.sl th"Ir ,: r.menL

Accountab lluy­parucu larly in the area of financi ;'ll management-has been allowed to deleriorale for more chan fOllr dec:tdes,

Arrnqnub,I , , 'I' )I ... r. , 'lui Thu E.'~.

,JU:'I h' I\\ nl t.ll:h !>In'lIi olllll'~ 1n1~1 !Iw gnwmm","t" nl~ puhhl' "" '11 r,·nlf>mt"'r .. Ih" ~';I ndal s at Ihe n cp:lnnll'lU "f II"" ... !!,\!

and Crban DI.·I!('lupnwnt, ..... h('n· tll'l'elopers and I('nders [,'lIml ,1 ,.a,o;y ItJ

ch,'at the gOl'emment out o f mlllu"b of dollars, It rememlx·r.ij the o.'(,·n:.o.' OC'paruncn(s - III Wlnd- 'nI N>!1 i.!J IJ'H1 ,

whlt'h !IlI'oll'ed nUl JuSI pnl~lte

ronsultanLS and df're nse "011111 :.1111" ... a llti lI''.dusuy l'l(ecU!lI'f'S, bill DOD offi C'I..u ... :LS well, And I rememr,ers the sal,ngs anJ loan I('bade, In whim tnf' (f'd,'ral ~J\'('mment fallrd 10 prt'vt'nt tilt' !>In]o;k' largest financial loss In Aml'nt.-an h,1>Ior •

If pubhc tru.::.1 In ROI't"mnwnt '" :ohJky these Innds o( scandab and finan, 'n l dlS35f.ers lIal'l" a lot to do ""11 11 It. r,'1 111(' gOl'('Olmenl has done surpnSlI1 j/.I) hu l~' 10 C'Stabhsh am.I m;Wll-illn an ~nllrunm.';\t ill

wlllt1\ :.uc ll things wo n't happen A('t.'Ounialulu Y-Jlan lcul:Jrl) In Ih.' "!l'a IIf finanCial manag'· llIl'nt-ha. ... III't·n.III.) ..... 't1 ro dClenOr:!i.1! fo r mOTe than fou r ,h .. ' ad,..,

I'll Clt .. Just a fe w exalnlll("!;.

111 .. BudS!'l and :\I'countlnl! Pru,·,·, luu." Acl of 19;;0 glll"l' Ih~ t'1( ('("\.I \l I" hranrh agencIes the rC'SpunSlu,hl )' f' ,T rh"IT " .... 11 acrounu ng and fi nanCial Tf'pu n lnc BUI from the Start.. the agen('J~ lallt-d III ttl'" thesf functions lht' emphal>I" thl'l d t'St'1'\'ed In 1m ror 1n5I.anl'C. Il l' ' .... \II' .. a re-pon on OIlT aud$( o f thl' .-\IT r ,m , ' -I It.' fil"$t ever compr .. he nSII'e finam,al J udu <If a mlhtaf)' depanment Wf" (ound thaI th" AI! F'orce--repon lng e no m lOIiS d.~ ... \'1 ... n f

Ol"l'r ' l 75 billion and annual ai)p ropnauo ns o f almost S!)O btlhon­l3('ked the fina no ai mana/ownwl\I :o lSl,'m:o a nd Inlemal ('Onttols nt'Ce1>!>JT) 1<> l,rm"I,' a('CUtme and rt'liabll' finam'l .11 m formauon ti .... ,-5 audlLS uf the .-\I r ~~" rct.'

",uo •• l.llliII :r: )lore \11.J n... [ ... ,r

controls bf' sIgned by the 1:I1!"u'1 ~ " .k.Is

and sent to the President :11\\1 C.':-.=t'Ss.

Second. the Smgle .\udit AL"I . ,1 :. -S .... ;dk-d for more systematic O\'ersiglll "1 ; " ~C I"3JJy

(unded programs In the S! .. lt'li !l:1.:

localities. It required 11 ~ingl.· ;tn:1';':':

financial statement arnJ COIII!,!: .. l;"!;'" .Judi! (or any swe or local enUl), r' ... ·'·;...,· 1/. more than 1100.000 in federal funds l!"l; !)\"en year.

Third. the Chid Flnandal om,',,:,!, u;t of 1990-known as the era ,",,"1-

established a new rranlt'work :'.'~ :"n andal managt"menr throughout th,' dt·:I.J-:nents and acenctes. It included prml;;:l,~r=f tbu focus not just on co mplinnct' 1-1.1: ; 11

resliits.

These " 'ere a11100d .. faith t'frClr.:'- - Ie disturbinl truth, howe\'er. is rt-.:l: ~ have yet to accomplish Wh31 :!It'' ~"! out to do, We know that the rma.., .. :.;. ' llqnty Act has nOl. achie\-ed itS goal ,"I." .:-:Jf"O\."i.nl In ternal conuols throuahout :. ... " governmftlt. We kKJw that 1M ~~"nunl .. .,d auditinl rtq~1.S of :.~,," f:.~e Audit Act have become a rna .. ,,: cunt.roYftS)'. And we know I!"..l: :~ -:ro Act.. for aU its promi5e, is f31 -::-,'­achieYinl d'!e ~""Olution in j .... .::."f'~_ financial manqeme1l1 for \\';::.': , "as cre .....

10/00 has noted thIS lack of p~ ... .:- ..... . nany times. In 1985. ~ outlint'd t:.t· .!'"':~

aovemment's flnanciaI man.:a....':':" -: problems in a comp~heruilw i- .. .. '; '::ailed Manqinl the Cost of GOWl'":".:"",-. \"e cited the same problems m.l :- ,-=-:=-<,f tn.nsitioo ~rtS we isiut.'d:. _ .. " I~1j: the 1988 election. After last f~~ -t .. of,:-.Jll,

when we prepa.red our I ~~ ::-.:.;s..;:.Jn

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) 00('" again-sum!' mor,' St ... ·l·r~ Ihan '.·" 'f

So while Conll-f"CSS h .... " n.'Lvgnlzt 'l i lh~

nN.'d fo r beucr :inanclal man:l~,'nll'nI S~'SII':I11S ilnd IIghtcr In((.'mal L't.Huttlis. lh,'

gO\'cmment as a whole !>1..i1l ha. ... nllt tak"11 tlll' 1\'llIS(lr\ to heart. TIle 1,;.5 , g' ,,','mnlf..'1U spend.s about $I .Slnlln>n a yt'ar-IIIon' than the en:.ll"(' Gruss I)Omt.'5lIC l'fI)!Jul.."t '" G~mlany , which has We third larK!!:>t economy In the wUfh.l, V~ the rederal govcmment rontinul..'"S to oper-,1li' wIl.hnul the rehaole mfomlauun it nl..'1'tIs to makl' ~und dt.'ClS10ns. It still spends a1must.a 'luanM" of the CS. Gruss [)omt..'liuc ProdU(1 usi",!: unreliable sysU'nts and incrr~.cu\·c controls. And u.s dl'lIan.mc nts and agenClfS sull m~nagc hur" ir<'lis Olr programs WIthout adf..'tjuate k.1u ..... ledg'·' ,f their Jinanclal condition o r thl' rcsults they achlt·, ·e.

The ern Act o rrers o ur Vest hUlk.' Yl'l ur rcml..>dying thIS SItuation, It f!S{3bllsll(,s a mu(·h·needed lealk'rshljl SlruClurc wnhln the ft'deral go\"emmcnl. so that final1O: lal manal/.ement '1lay finally ff't:eI~'C the continuous auenuon It desN "\"t'S. The at't requirt'S mat financial s ta tements be pn>pared for all gO\-emmenl re\'ol\ln lo( an,1 truSI funds iIfld commerCial operouuns. and ror 10 pIlot agcnl.'l(.'li. It rt..'tl' lIft'S

mspetwrs g~neraltO aUl,ht m,'::'­st3temenl6 to ven fy Inl"ormatilm and underlYing com rols. It lies the annual repon.lng o r Internal rontrol w~'akn\'SI>t'S

under the f'inanClallmegnty .... et It) reporting by the CF'(h.. And It (':alls for 0:'<18 to dc\-elop il 5-ycar Impto\Cl1wnl plan and for each agt'nt'y to lal lur u.s u wn program to translate 0:'<18'::, pI ,," IntO meanmgful changf'.

I'a.t! 7

"","", •• \.abinIY, )1o", \ 'Ual TlIu E~'

FunhemlOre. the CFO Act mak('!Ii fin:III .... Ii reponmg (ocus on resUlts, The art reljulres ;agency CFOs to u\"ersee ag('II\'~'

budgetS-in other \OJ·ords. how appropnations are spent on operatiorui and progr.ulls. lt rUMPr rr-qult"Cs ag~'n~'I"'" LO 5)'St ... mau~'ally nlea5Urt' penonnant'(' and d ..... ·elov. cost inronnallon. And It d il"('ClS t';lch c hler financial olTK'C.'r 10 prq)3re an annual status repon show,"): wh~ the agency stands financially. wh:lI it has achie\·ed. and what the future m;l~' hold ror its finances,

Whal a difTerence thiS act could makr III the way (he 100'emment handles the laxPlyel"~' moTley, But bow much thl." a,,. achie\'f'§ ",11 depend on how well wt' (ollow mrough. In the two )'ear5 sinC"t'lh,' ern Act was passed. less PTOIfl'5S hate been m3de than an)' of us could ha\"('

wished. t;,w's 1002 Transition Repon .111

f'inannlli llanaae ment Issues diSCUSSt'l< thc ern Act's implenlentation problt'm!< and s ugest.s a numbel" of solutions. BUI what it boils down to is this: A bllK'pnlll fur finannal rnana.temenl imprQ\-enIl.'1l1 ;" now on the books. Making It work c\e:R1"\' f'S top priority. Agency heads n ..... : to Iw held al,'countable ror getting it dtltw and they nf'I'd the resources to do it. I( mat meUlS spendina WMI is neede-rl r.1r modem S)-"SlerNi, personnel ~Iopnk'tl :

and npanded financial reporti"l and --tin&- so be It. Geuina the p"emnl.,::: ~ tlftandaI house in order Wlll be "'onh th, price,

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::t'deral ovel'si~ht :lUst extend to 'hose pri\'at~ :,f'ctor entities '·\·hose financial :nanagement ~hortco!"ings

:hreaten to cost -he taxpayers :\oney.

Arn>u\.ablli.,~

~I" ... \1 ••• n..n E .... '

HUI as usual. Ihl!fC'S slIml!thlng l!1s.' !U Ihink about. nll! r('lJl!ra.i Jl,m:emnlent"s fin'1r1n'S are tlLod til u.hl!r l'nlllll'S ~'hll:ot,

shunconllngs in a<'L."uuntab,lity ,.x,"!M' lh,' gowmment to pntt'"nliaJly hug", rusI.s. Etr{'("th'c rroeral O\·('r.Qght must exlt'nd w those private $(!f."tor entities-suC"h as

. rmanda! institutioos. defense C"OIllr.lClor.>. and heal!h ca~ pru\idtors-whose shoncominS!> j " finan cial ma~ment and mtl!mai contn.o:s thn!aU'n to c-ust the taxpayers mon~, We It!arMd a S;JOO billion lesson. !or eump~, when 1M s;l\ings and loan indusr.ry--dere&ula ... ood, Insufficiently supen1sed. but backed by re-dt'ra.i deposit insuranc-went ffi.!! on a limb and the limb broke. The l~slatJon bailinl out the tliritts includl!d new mf'asure to ensure aa:ountabiJit)'-but th ... y came a little late.

Le!:'s hope the FDIC Imprl)\'ement Act or I!)!)I \o,"aS not too late 10 Imposc sufficl\'llt OkX'Uuntabiht)' on the bankinl induSU)'. By thl' time this legisla tion was enaL'II.'l.I. dw Dank InStJrance Fund \OJ'as already insol\'ent. su along \OJ;th pnmsions for tightt!r controls on the mdustry. UmJ.!r1-'"SS had 10 authoriz.e $70 biilion WOM uf borrowing from the Treasury.

Congn!S:i enacted the FDIC Improvement Art's safety and !:IOundness l'E'rornlS to rontrol risks to the deposlt insura..nct' S)"Ste:n\. But the (acts are that banking IS a mIlCh riskier business than it used to be. bank supervision IS weak, and the efficiency o(the rqulalory stnIctl.lre is qul"Stionable, To ensu~ Ihat the reforms o(the rolC Impro\'ement .-\ct arE' implemented. we beliC\'e that the effecth'eness and effiClency of the entire regulatory structure should be ~xamlOed and \1able alternatives be de\·eloped.

AnOlPUObililr: Mort \ltaJ ,. .... Efti'

That 's an Issue forCongr~and tho' admmistratlon to study In t.a.nd~·Il\. ;Ul<t " (

hope they \\,,11 do so in the near futur.,

Banking reaulation and oversight is an uraent concrm bKause of the potl.'nll:U federal liability due lD deposit Insur.m ... • But otlm' ~nts of the linanci:ll seT\ict'S industry require close artl.'nll.':';:": well. Now some sepnenLS of the msur.\:'1.~

industry are ailina. and while thne is "" specIfic federal obligation to rescue tht> insUJ'lU\Ct' industrY shou1d it falr ..... a ~T'Il of bankruptcies would surely lead 10 ,-:U!P for federal help.

The ~ti" indusuy. amwing nlOn' complu: every day, includes MW

elmtenlS. sudl .. derh'alives. that: art' 11. ' fully understood by INn)' leaders of :.. .... ' industr)' i~lC. Jet alone by ~ In

Jonmment who must prol.ect the PU:-.I. ~

interHL

The nation's private: peonsion S)"Slf'fIl :'<

pnxect.ed unckr the Employ~ Rt'tlr.,;,:, ,.: ~ lnconw Secunt)' Act ol1974. Out Ih .. Pen!iKIn Benefit Guaranty Corpt:l~D."". which inSures printe perwon plan~. :~ already NMina a deficit. and finds :: difficult to control the aovemn~t"~ uposure 00 risb from underlundfo.: :, ~::-. PBGC'. tinandal5)'StemS and intf'r.-...... contrOls are 10 weak that it cannol .'" ," prepare al'@liableest:ilnateofitsfu:--.:.."': lillbilky.

One other example. but a teUing on .. U.S. aovemment. throuIh its Mtdl('"r- ;'u

Medicaid prosrams. islhe nation'! ~ ::'..: .

larJeSt payer of medical upl!nSd. :

mentioned earlier how Medicare'! pa)-ment safesuard system ~m ." . net .... -ork of private contraCtOrs who' ::

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The tone at the top will detennine whether or not we sustain and build upon the initiatiVes already begun.

Ac"f_uobili\r u....., Vital TN .. Cw:r

falling sha n m recO\-erin~ l11lproper payments and 1n\'(>Sligaun/it claims or rraud. And I menurmcd that fraud and abuse may a<X.'Ount ror as nlut'h as 10 percent or aU health care costs tnUlt' l'nited States. How much is this costing the 100'CrTImfl'f\l? We don't know. Bul ..... c do know that. we can't hope to control Medicare's losses until the enure l\ealth care indusuy is made IHs wlnerable 10 fraud and abuse.

The bro.del" ielM)f'l hen!' is that demands on the federal purse often Item from waste, rraud, abuse. and nU~ent among entities outside the 10"'emmenL There is ~ banier insulatinglhe rederal aovemtnent from the problems of outside institutions. We all rernemm the fNe-raJ bailouts of Lockheed. Penn Central. Chrysler. and New Yoric City. Each W2S an instance of the federal ~mment ha\ing to come 00 the aid of a nonredc:r21 insdtution that could nor. be allo ..... ed w rail . There will be other such inSWlce5 If accountability does not receive the auen.tion It deserves from state and local pernrnents and the pnvale sector.

The private sector needs to look lD its own house and treat accountability with the same Sftiousness with which it treats profit and joss. r spoke lD that issue 111 January 1992. in a speech to the Secunoes Rqulation Institute 111 Coronado, CalifomiL 111 repeat today the message I delivered then: Corporate acrounwliity has become an issue.. Leaders ...... th "'$Ion have ~ that strong corporate accountability is lood business. it prowcts the corporation while servinl the inte~ or shareholders, the public. and ~'en the taxpayer,

.... "

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AU"""'.'"" I,, )I ..... , ,..In..,, ['r'

I hop" Ih:u hl'n;- III g,wcmment. our It.aders ",ll nOf (ol)!t'\ JW.I how ITUl'\al anti hoI\' tlSIUk ,h~ l~~U~ or 3ccounlaluiLl), has tx ... ·lIm('. Th.: 1011<' al the WI' ",11 dt'It'nmn" \1 h('lh"r \,IT nul ..... e SUSUlIfl ano bUild Up!lll the lOumll\'{'S a lready lK'gun.

Thafs whert' yOll ('Ome in. ,\5 audlwn; and ad\"ocat~ for Tt'SP\mslule {inanl.l;!.1

nlanag<''fIIt'IlL ~'our t'ncrgy and deulcauon \00,11 help delennin ... Just ho w far this government w,1\ go in gl\;1\8 3L"('Ountab,hty th'" !;(alUfe It descr'\'es. At a limt" Whl'fl this nalion races its greatest polio' challengt'S l."\"el1 ..... hile struggling to mak .. ('nds m~l. LIS (.:1Ut.ens desc:r, .. e the last ounce o(I,lIu,' from their Investment ThI'Y put IhelT rrtlS(1n nur hands. We ('annot aJ\uw I[ lu slip through nur fingers.

Thank ) ~U , 'err much.

P~IZ