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Department of the Treasury, Executive (21 - 30 of 324 items)
Management Report: Improvements Are Needed in the Bureau of the Fiscal Service's Information Systems Controls
GAO-14-693R: Published: Jul 18, 2014. Publicly Released: Jul 18, 2014.
During GAO's audit of the Schedules of Federal Debt Managed by the Department of the Treasury's (Treasury) Bureau of the Fiscal Service (Fiscal Service) for the fiscal years ended September 30, 2013, and 2012, GAO identified 14 new information systems general control deficiencies related to security management, access controls, and configuration management. In a separately issued Limited Official...
Virtual Currencies: Emerging Regulatory, Law Enforcement, and Consumer Protection Challenges
GAO-14-496: Published: May 29, 2014. Publicly Released: Jun 26, 2014.
Virtual currencies are financial innovations that pose emerging challenges to federal financial regulatory and law enforcement agencies in carrying out their responsibilities, as the following examples illustrate:Virtual currency systems may provide greater anonymity than traditional payment systems and sometimes lack a central intermediary to maintain transaction information. As a result, financi...
Financial Literacy: Overview of Federal Activities, Programs, and Challenges
GAO-14-556T: Published: Apr 30, 2014. Publicly Released: Apr 30, 2014.
In its July 2012 report, GAO identified 16 significant financial literacy programs or activities among 14 federal agencies in fiscal year 2010, and 4 housing counseling programs among 2 agencies and a federally chartered entity. As of April 2014, 3 of the financial literacy programs and 1 housing counseling program no longer existed or no longer received funding, and no new federal programs had be...
Retirement Security: Trends in Marriage and Work Patterns May Increase Economic Vulnerability for Some Retirees
GAO-14-33: Published: Jan 15, 2014. Publicly Released: Feb 26, 2014.
Over the last 50 years, the composition and work patterns of the American household have changed dramatically. During this period, the proportion of unmarried and never-married individuals in the population increased steadily as couples chose to marry at later ages and live together prior to marriage. At the same time, the proportion of single-parent households more than doubled. These trends were...
Automatic IRAS: Lower-Earning Households Could Realize Increases in Retirement Income
GAO-13-699: Published: Aug 23, 2013. Publicly Released: Sep 23, 2013.
Households without employer-sponsored defined contribution (DC) pension plans or individual retirement accounts (IRA) had lower incomes and tax rates than households with those plans, and are also likely to have limited additional resources to draw upon in retirement, according to GAO estimates. The median adjusted gross income for households without DC plans or IRAs was $32,000, compared to $75,0...
Corporate Tax Expenditures: Information on Estimated Revenue Losses and Related Federal Spending Programs
GAO-13-339: Published: Mar 18, 2013. Publicly Released: Apr 15, 2013.
Estimated tax revenue that the federal government forgoes resulting from corporate tax expenditures increased over the past few decades as did the total number of corporate tax expenditures. In 2011, the Department of the Treasury estimated 80 tax expenditures resulted in the government forgoing corporate tax revenue totaling more than $181 billion. Many of these tax expenditures are broadly avail...
Tax Expenditures: Background and Evaluation Criteria and Questions
GAO-13-167SP: Published: Nov 29, 2012. Publicly Released: Jan 8, 2013.
GAO's previous work has shown that, once enacted, tax expenditures and their relative contributions toward achieving federal missions and goals are often less visible than spending programs, which are subject to more systematic review. One reason for this is that they often operate, in practice, like entitlement programs not subject to annual appropriations. Since 1994, GAO has recommended greater...
Higher Education: A Small Percentage of Families Save in 529 Plans
GAO-13-64: Published: Dec 12, 2012. Publicly Released: Dec 12, 2012.
A small percentage of U.S. families saved in 529 plans in 2010, and those who did tended to be wealthier than others. According to the Survey of Consumer Finances (SCF), less than 3 percent of families saved in a 529 plan or Coverdell Education Savings Account (Coverdell)--a similar but less often used college savings vehicle also included in the SCF. While the economic downturn may have reduced i...
Small Business Lending: Opportunities Exist to Improve Performance Reporting of Treasury's Programs
GAO-13-76: Published: Dec 5, 2012. Publicly Released: Dec 5, 2012.
The U.S. Department of the Treasury (Treasury) has made progress in developing guidance and procedures to monitor participants' compliance with requirements for the Small Business Lending Fund (SBLF) and the State Small Business Credit Initiative (SSBCI) programs. In response to GAO's previous recommendation on SBLF monitoring, Treasury has developed procedures for monitoring SBLF participant comp...
Community Reinvestment Act: Challenges in Quantifying Its Effect on Low-Income Housing Tax Credit Investment
GAO-12-869R: Published: Aug 28, 2012. Publicly Released: Sep 27, 2012.
While CRA should increase investor demand for LIHTCs, quantifying the extent of any effect of CRA on LIHTC equity contributions is difficult given data and methodological challenges. In part because of the qualitative nature of the CRA investment test, regulatory ratings cannot be systematically linked to banks' LIHTC investments. Although a bank's overall rating and the associated narrative of it...