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Open Recommendations (103 total)

Foreign Investment in the U.S.: Efforts to Mitigate National Security Risks Can Be Strengthened

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4 Open Recommendations
Agency Affected Recommendation Status
Department of the Treasury The Secretary of the Treasury should document Treasury's objectives for increasing its staff for monitoring and enforcing compliance with CFIUS mitigation agreements. (Recommendation 3)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Department of the Treasury The Secretary of the Treasury should, once the targeted staffing increase is completed, analyze its CFIUS monitoring and enforcement staffing in accordance with federal workforce planning guidance, to determine the extent to which the targeted increase enables Treasury to achieve its documented objectives. (Recommendation 4)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Department of the Treasury The Secretary of the Treasury, as CFIUS's chair, should work with member agencies to document a committee-wide process for periodically assessing the relevance of mitigation agreements and amending, phasing out, or terminating them when appropriate. (Recommendation 2)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Department of the Treasury The Secretary of the Treasury, as CFIUS's chair, should work with member agencies to establish a committee-wide process to regularly discuss and coordinate the staffing levels needed to address the projected increase in workload associated with monitoring and enforcing CFIUS mitigation agreements. (Recommendation 5)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Foreign Investment in the U.S.: Efforts to Mitigate National Security Risks Can Be Strengthened

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1 Open Recommendations
Agency Affected Recommendation Status
Department of the Treasury The Secretary of the Treasury, as CFIUS's chair, should work with member agencies to document a committee-wide process for considering and making timely decisions on enforcement actions related to mitigation agreements. (Recommendation 1)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Fraud Risk Management: 2018-2022 Data Show Federal Government Loses an Estimated $233 Billion to $521 Billion Annually to Fraud, Based on Various Risk Environments

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1 Open Recommendations
Agency Affected Recommendation Status
Department of the Treasury The Secretary of the Treasury, in consultation with the Office of Management and Budget, should establish an effort to evaluate and identify methods to expand government-wide fraud estimation to support fraud risk management. This effort should (1) initially prioritize program areas at increased risk of fraud; (2) be responsive to changes in the availability or quality of data; and (3) leverage data-analytics capabilities, such as within the Office of Payment Integrity, which includes the Do Not Pay program. (Recommendation 3)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Economic Development: Additional Training Could Help Small Lenders Implement Technology

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1 Open Recommendations
Agency Affected Recommendation Status
Department of the Treasury The Secretary of the Treasury should ensure that the Director of the CDFI Fund develops training or other materials for improving CDFIs' technology capacity. These resources should address the specific capacity limitations of and challenges faced by CDFIs, particularly smaller institutions. (Recommendation 1)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Anti-Money Laundering: Better Information Needed on Effectiveness of Federal Efforts

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2 Open Recommendations
Agency Affected Recommendation Status
Department of the Treasury The Secretary of the Treasury should ensure that the Director of FinCEN work with its survey vendor to improve the reliability of the agency's annual customer satisfaction surveys and appropriately disclose survey data limitations when results are reported. (Recommendation 2)
Open
We will update the status of this recommendation when Treasury provides its 180-day letter, which is due in September 2024.
Department of the Treasury The Secretary of the Treasury should ensure that the Director of FinCEN develop and implement a communications plan to regularly inform Congress and the public in full about its progress implementing the Anti-Money Laundering Act of 2020. (Recommendation 1)
Open
We will update the status of this recommendation when Treasury provides its 180-day letter, which is due in September 2024.

401(k) Plans: Additional Federal Actions Would Help Participants Track and Consolidate Their Retirement Savings

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1 Open Recommendations
Agency Affected Recommendation Status
Department of the Treasury The Secretary of the Treasury should take action, such as amending the 402(f) Notice requirements and Model Notice, or providing clarifying information to the Notice to: (1) include clear information about participants' option to leave their savings in their old plan; (2) provide clearer and more concise information on each of the four distribution options and their associated tax consequences; and (3) address the timing requirements for plans to provide the 402(f) Notice, to ensure the Notice is provided to participants when they leave their job and become eligible to take a distribution. (Recommendation 3)
Open
Treasury stated that an update to the 402(f) Notice is currently in process and will reflect legislation and guidance issued since the last update. However, regarding the part of the recommendation that address the timing requirements for plans to provide the 402(f) Notice, Treasury stated that there is no statutory authority to require a notice to a participant upon separation from service. Our recommendation states that Treasury should take action to address the timing issue; and Treasury can seek any venue it deems appropriate, including seeking statutory authority from Congress to address the timing. Without such action, Treasury will continue to miss an opportunity to ensure that participants are receiving easily-understandable information about all distribution options-at the point in time when a participant is facing an important decision about their retirement savings. We will monitor the agency's action.