January 10th, 2018
the United States Treasury Department – Oversight of the Regulatory Agency
The operations of the department of the Treasury are subject to oversight by the congress. Congress oversight role is achieved through various processes. For instance, the authorization process involves enactment of legislation that alters the mandate of the agency or abolishes such an agency (Oleszek, 2010). Such oversight is for instance evident in the various legislation that have altered the composition, roles and the prohibitions for the departments’ employees. The congress also achieves oversight through its appropriation process, which entails determination of the amounts of funding available to a particular agency (Oleszek, 2010). Through this process, departments that do not account for their previous expenditures are given lower allocations.
Oversight of the department’s operations is also achieved through the role of the inspectors general. For instance, where inspectors general (IG), in their evaluations of the department’s operations, encounter violations subject to the federal criminal law, they are required to submit their findings and recommendations to the Attorney General (Oleszek, 2010). Where the evaluations do not reveal violations of federal criminal law, the IG are required to submit their findings, semi-annually to the Secretary of the treasury (department’s head), who in turn, must transmit unaltered report to congress within 30 days appending his or her suggestions (Oleszek, 2010). Where the violations discovered are severe, the IG are required to submit their findings immediately to the department’s head who must transmit the report to the congress within seven days (Oleszek, 2010). Other entities providing oversight over the department is the Government Accountability Office (GAO). Headed by the Comptroller general who is appointed by the president, provides financial audits of programs carried out by various departments and the executive (Oleszek, 2010). Go to part four here.