The Solari Report / 2018 Annual Wrap Up / Part One cost associated with each direct loan or loan guarantee, which the Administrator must set aside, may be funded by Federal appropriations, direct payment of a credit risk premium by the applicant, or a non-Federal infrastructure partner on behalf of the Applicant, or any combination thereof. 19901115 President George H.W. Bush signs the Chief Financial Officers (CFO) Act into law. According to the Government Accountability Office (GAO), this is the most comprehensive and far-reaching financial management improvement legislation since the passage of the Budget and Accounting Procedures Act of 1950. The CFO Act lays a foundation for comprehensive reform of federal financial management, establishing a leadership structure, providing for long-range planning, requiring audited financial statements, and strengthening accountability reporting. law 19901126 Adoption of Federal Credit Reform Act of 1990. law 19930120 Lloyd Bentsen becomes Secretary of the Treasury and serves until September, 1994. Treasury 19930808 Enactment of Government Performance and Results Act (GPRA)—one of a series of laws designed to improve government performance management. The GPRA requires agencies to engage in performance management tasks such as setting goals, measuring results, and reporting their progress. To comply with the GPRA, agencies produce strategic and performance plans and conduct gap analyses of projects. The GPRA establishes project and strategic planning and sets up a reporting framework for agencies to show the progress they make toward achieving their goals. [Source: Wikipedia] law 19940900 Sir James Goldsmith is interviewed by Charlie Rose. Goldsmith lobbies Congress not to pass the latest round of GATT or create the World Trade Organization (WTO). media 19941013 Government Management Reform Act (GMRA) enacted. The CFO Act of 1990 mandated the preparation of audited annual financial statements for certain funds and accounts from a number of executive branch agencies, with 10 agencies selected to provide audited annual financial statements for all agency accounts. In the GMRA, the latter provision expands to every agency covered under the CFO Act (commonly referred to as "CFO agencies") and later to every executive agency in the Accountability of Tax Dollars Act of 2002. GMRA requires the Secretary of the Treasury to provide government-wide annual consolidated financial statements to be audited by the GAO. [Source: GAO] law 19950100 The U.S. Treasury loans Mexico $12 billion from the ESF as part of a rescue package. What makes the loan notorious is that it does not require Congressional authorization but is made at the discretion of the Secretary of the Treasury, with the approval of the President. Treasury 19950101 Creation of the World Trade Organization (WTO), replacing GATT (although GATT still exists as a treaty within WTO). event 19950111 Robert E. Rubin becomes Secretary of the Treasury and serves until July 2, 1999. Treasury 19950129 The Washington Post pulls from publication “The Crimes of Mena” by Sally Denton and Roger Morris. The article illuminates the arms trafficking operation run by Barry Seal at the Intermountain Regional Airport at Mena, Arkansas, while Clinton was governor and George H.W. Bush was Vice President and in charge of the National Security Council (NSC) run by Oliver North during Iran- Contra. Seal, who was assassinated in Feb. 1986, was carrying a personal phone book that included George H.W. Bush’s private phone number. Allegations are supported by IRS Agent Bill Duncan, Arkansas State Policy Investigator Russell Welch, and numerous documents, witnesses, and investigations. Duncan testifies before Congress that the IRS “withdrew support for the operations" (i.e., his investigations) and directed him to withhold information from Congress and perjure himself. Daniel Hopsicker is later to report in “Barry and the Boys” that Seal's operation at Mena grosses as much as $5 billion. The article is later published in Penthouse—reporting that western Arkansas had been a center of international drug smuggling during the 1980s and the headquarters of perhaps the biggest drug smuggling operation in history. Media, enforcement 19950419 Oklahoma City bombing takes place, destroying HUD loan files for Region 6 (Arkansas and Texas included). event, HUD 19960200 Treasury Department announces that it is suspending payment of interest on government securities in the Exchange Stabilization Fund’s portfolio in order to create additional borrowing Treasury 1 7 8