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.
The federal response to COVID-19 led to unprecedented spending. Treasury quickly sold securities to raise $3.8 trillion. Meanwhile, Treasury increased its cash-on-hand to over $1 trillion to help deal with the uncertainty around federal pandemic-related spending.
Cyber insurance can help offset the costs of responding to and recovering from cyberattacks. The growing frequency and severity of cyberattacks have led more insurance clients to opt for cyber coverage—up from 26% in 2016 to 47% in 2020.
In response to the 2007-2009 financial crisis, Congress passed the 2010 Dodd-Frank Act, which provided for a broad range of financial regulatory reforms.
The act established the Financial Stability Oversight Council to help identify and respond to emerging threats to financial stability in the U.S.
In response to the COVID-19 pandemic, Congress made up to $454 billion available for Federal Reserve lending programs. The Fed worked with Treasury to establish 9 programs that are supported by CARES Act funds.
The CARES Act authorized Treasury to provide up to $46 billion in loans to airlines and other aviation businesses affected by the COVID-19 pandemic. The loan program had 267 applications and provided 35 loans worth $21.9 billion.
In response to the 2008 housing crisis, the Treasury Department used Troubled Asset Relief Program funding to establish 3 housing programs to help struggling homeowners avoid foreclosure and preserve homeownership. Since 2009, Treasury has obligated $32.56 billion for such housing programs.
We reviewed personal information banks and credit unions collect on consumers and share with others, and what they tell consumers about this.
Some institutions collect information on credit card transactions, social media and browsing activity, and more.
The Treasury Department's Troubled Asset Relief Program was originally authorized to spend $700 billion to help prevent the U.S. financial system's collapse in 2008. As of September 30, 2020, TARP disbursed $442.9 billion.