In 1987, O'Leary spearheaded the effort to create the Virginia State Non-Arbitrage Program (SNAP), which allows state and local municipality bond issuers to pool and invest their proceeds. The SNAP program was recognized by the Government Finance Officers Association of the United States and Canada with an Award for Excellence in Financial Management in 1990. Looking to the future, O'Leary has authored and led efforts to pass a Federal Debt offset for local governments. Bill H.R. 3060, introduced in June 2009 by Congressman James P. Moran (VA) to the United States Congress, would allow localities to collect tax debts through the reduction of Federal tax refunds. This program would have the capability of generating between two and three billion dollars, annually, for localities throughout the nation.