Feds Report $2.7 Trillion in Improper Payments in Two Decades

The federal government reported hundreds of billions of taxpayer dollars in improper payments last fiscal year and trillions over the last two decades.

According to a new report from the Government Accountability Office, the federal government reported $236 billion in improper payments in fiscal year 2023. The true number, though, is actually much higher, but federal reporting is often lacking.

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Sen. Rand Paul Proposes Fed Audit as Regional Bank Bailout Hits $141 Billion

Legislation offered by Sen. Rand Paul (R-Ky.), the “Federal Reserve Transparency Act of 2024,” would conduct an audit of the U.S. Federal Reserve by the Government Accountability Office (GAO) for the first time since the Dodd-Frank legislation of 2010 required an audit of the central bank’s purchases of mortgage-backed securities.

This time around, the GAO would look at the Fed’s entire balance sheet, including the recently enacted Bank Term Funding Program — now $141 billion according to the central bank’s latest H.4.1. release — that has been lending banks money in exchange for U.S. Treasuries after the spike in interest rates caused there to be a reported $620 billion of unreported losses including regional banks that experienced failures in the interest rate crunch.

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