In response to the requests of US representatives Maxine Waters and Al Green to audit government regulators, the Government Accountability Office (GAO), added three more agencies for investigation as an added measure. The request came from the perception that financial regulators have been too soft and too polite towards the bankers they are supposed to oversee.
The probe will now include Federal Deposit Insurance Commission (FDIC), Office of the Comptroller of the Currency (OCC), and the National Credit Union Administration (NCUA). Even the Office of the Thrift Supervision, the agency responsible for regulation of savings and loan institutions will also be looked into, even if it has already merged with OCC in 2011.
The US Central Bank has been on its toes since the financial crisis in 2007. This crisis have sparked a global recession and could have been averted, if only these regulators have done their job.
The material has been provided by InstaForex Company – www.instaforex.com