GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
Federal financial regulatory agencies collect and maintain a large amount of consumers' personally identifiable information (PII) for the oversight of banks and credit unions. Protecting PII—which is often shared with other agencies, law enforcement, and contractors—is critical.
Virtual currency is increasingly used in human and drug trafficking, according to our review of agency records and interviews with officials.
Agencies we examined face challenges countering illicit use of virtual currency.
While automated tools to assess home values are becoming more common, federally regulated banks and credit unions still obtain appraisals from state-credentialed appraisers for most home loans to protect themselves and borrowers.
We reviewed how transnational criminal organizations and terrorist groups traffic goods such as illegal drugs, engage in human trafficking, and launder money. We also looked at the information sharing used to help detect these activities.
Government spending data is available at USAspending.gov for website users to search, download, and analyze.
The Treasury Department has actively collected feedback from site users, including through usability testing, and has made changes.
Since 2004, the federal government has offered a tax credit that supports the production of refined coal, which could help reduce air pollution. Producers claimed nearly $9 billion in these credits since 2010.
Some criminal groups use a process called trade-based money laundering to hide their illicit funds. These schemes can include things like falsely describing goods and services in trade transactions.
Schemes can involve many types of illicit activity that cut across multiple federal agencies' roles.
The Treasury Department's Troubled Asset Relief Program was a response to the 2007-2009 financial crisis. Treasury used TARP to distribute hundreds of billions of dollars in assistance to financial institutions and others.
TARP had 2 investment programs left as of Sept. 30, 2021.