The Permanent Subcommittee on Investigations held its fourth hearing on the United Nations' Oil-for-Food (OFF) Program. The hearing addressed: The findings of the Subcommittee’s October 25, 2005, Oil-for-Food Program Report covering illegal payments to individuals; the findings of the October 27, 2005 final report of the Volcker Independent Inquiry Committee (IIC) on the United Nations Oil-for Food Program; a Government Accountability Office (GAO) status report on two Subcommittee requested investigations of the United Nations Office of Internal Oversight Services (OIOS) and the United Nations Procurement System; the findings of a supplemental Minority report on Bayoil oil diversions; and progress toward implementing United Nations management reforms resulting from the September 2005 UN Summit on Reform. 

The hearing also examined the oversight by the U.S. Office of Foreign Assets Control (OFAC) to stop misconduct by U.S. persons doing business under the OFF Program. The subcommittee hearing was conducted inside the Hart Senate Office Building and was divided into three panels. The first two panels contained Chairman Volcker and former Representative Gingrich (R-GA) separately, while Directors Werner and Melito testified during the final panel.