Thompson's Twin Agendas

THE DAILY FED

Thompson's Twin Agendas

At an organizational meeting for the committee, Thompson said one of its first priorities would be to study ways to improve the regulatory process.

"We need a clean environment, safe products and safe medications," Thompson said. "But if we regulate smarter, we can have them and still make our government more effective, more efficient and more accountable than ever."

In addition, said Thompson, agencies can expect to be asked for proof of compliance with the Government Performance and Results Act, the Paperwork Reduction Act, the Chief Financial Officers Act, and the Clinger-Cohen Act, which reformed information technology management.

Thompson also warned that any federal program identified by the General Accounting Office as a "high risk" can expect to be scrutinized very closely by the committee. Several programs at the IRS and the Defense Department are included on GAO's list of poorly-run programs.

Thompson also indicated the Governmental Affairs Committee will study two-year budget cycles, performance budgeting, civil service reform, and whether or not federal computer systems are ready for the Year 2000.