Dingell Releases GAO’s 9-11 Commitment Letter

Washington, D.C. – Congressman John D. Dingell, Ranking Member of the Committee on Energy and Commerce, today released a May 20, 2002, letter from Ms. Davi M. D’Agostino, Director, Financial Markets and Community Investment, U.S. General Accounting Office (GAO), outlining GAO’s commitment to assess the impact of the events of September 11, 2001, on the U.S. financial markets. The letter sets forth the methodology of the study, the key objectives and questions to be addressed, and how proprietary information will be protected. GAO promises to complete its work and issue a final report by January 31, 2003.

"I commend my colleagues, GAO, the regulators, broker-dealers and banks, and the markets themselves for their attention to this critical issue. In the wake of 9-11, we need to be better positioned to protect infrastructure and prepared, if necessary, to implement business contingency plans to ensure financial markets’ ability to operate in the aftermath of future physical or cyber-based attacks. I look forward to reviewing GAO’s work and to working with relevant parties to fix whatever shortcomings are found."

Rep. Dingell requested in letters of April 11, 2000, July 11, 2001, and September 5, 2001, that GAO assess the systems capacity and security of the U.S. stock and options markets, as well as SEC oversight of capacity planning and security issues. In the wake of the September 11 attacks, the Chairman and Ranking Member of the Committee on Financial Services wrote to GAO on October 11, 2001, requesting similar work. By letter dated February 1, 2002, Reps. Tauzin, Upton, and Stearns asked to be included as co-requestors for these studies.

[A copy of the GAO commitment letter accompanies this news release.]