Tag: Government Accountability Office

Congressional Watchdog Questions Reliability of U.S. Financial Statements, Cites ‘Serious Financial Management Problems at the Department of Defense’

The Center Square
The Pentagon

A Congressional watchdog said Friday that it was again unable to determine if the federal government’s consolidated financial statements were reliable.

The U.S. Government Accountability Office, which is Congress’s research arm, said it was hampered by “serious financial management problems at the Department of Defense,” problems in accounting for transactions between federal agencies, weaknesses in the process for preparing the statements and inadequate support for the cost of loan programs from the Small Business Administration and Department of Education.

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

South Carolina Sun Staff

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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Feds Made $236 Billion in ‘Improper Payments’ Last Year

Just the News
Congress Money

There were $236 billion worth of “improper payments” made under the Biden administration in fiscal year 2023 alone, more than double the amount in fiscal year 2013, Just the News has learned.

According to the Government Accountability Office, the potential for waste, fraud, and abuse from erroneous payments runs across the spectrum of federal agencies. 

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