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.
When a college closes, students can be left with loans, no degree, and no path forward. Some of those students may be eligible for federal student loan forgiveness through a "closed school discharge" from the Department of Education.
The National Credit Union Administration oversees federally insured credit unions and administers the fund that insures them. Credit union failures from 2010 through 2020 resulted in over $1.5 billion in losses to this fund.
The Department of Labor requires 401(k) retirement plans to provide participants information on plan and investment fees. Even small fees can significantly reduce retirement savings. But we found that 40% of participants don't fully understand fee information and 41% don't know they pay fees.
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.
Flood insurance protects homeowners from financial loss after a flood.
FEMA's National Flood Insurance Program requires homeowners with federally regulated mortgages to purchase flood insurance for properties located in high-risk areas.
In response to COVID-19, Congress created the Paycheck Protection Program to help small businesses get low-interest loans. The Small Business Administration guarantees the loans—so if a borrower defaults, SBA will buy the loan from the lender.