In an opinion piece for American Banker magazine, Sharyn O’Halloran, Senior Vice Dean and Chief Academic Officer for Columbia University’s School of Professional Studies, discusses why she believes that the U.S. Financial Crimes Enforcement Network, or Fincen, needs more oversight. She uses FBME, a Tanzania-based bank, as an example of how Fincen has overstepped its boundaries and gives recommendations for limiting such behavior:
The first [way is with] ex ante controls, namely how Congress designs the agency. Potential legislative limits on federal agencies include: reporting and consultation requirements with which the agency must comply when making policy; the role, if any, of key constituencies in influencing the agency’s policymaking decisions; standards and criteria the agency must consider when introducing regulations; and the number and nature of political appointments within the agency.
Read the entire piece on American Banker.
