OFFICE OF FINANCIAL RESEARCH

In September 2014, the House Committee on Financial Services requested that GAO review OFR, an office within the Department of the Treasury. Among other things, GAO was asked to assess the agency’s usefulness to regulators and Congress in assessing systemic risk in the financial system and any delays or set-backs in its major undertakings. GAO subsequently initiated a review of OFR in January 2015. However, during the course of its review, GAO encountered substantial delays in obtaining access to agency officials and information. Separately, whistleblower allegations and an ongoing Treasury OIG investigation led GAO to terminate the engagement.