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Search Tags: financial accountability
Pundits may question whether Congress should have approved $804 billion in stimulus money via the Recovery Act of 2009. But many in government have come to realize that the independent agency charged with overseeing how that money was spent -- the Recovery Accountability and Transparency Board -- has a lot to teach financial managers about ensuring transparency and rooting out waste in government spending.
Tags: Recovery Act , RAT Board , Earl Devaney , Kathleen Tighe , Danny Werfel , Michael Wood , transparency , technology , financial management , Rise of the Money People , Michael OConnell , OMB , oversight
Gary Engel, GAO's director of financial management, says the Treasury Department's Office of Financial Stability, which implements TARP, still needs to establish a mechanism for effective implementation of its review and approval process for preparing its financial statements.
Robert Dacey, the Government Accountability Office's chief accountant, breaks down the reasons why GAO was unable to render an opinion on the federal government's consolidated financial report.
President Obama has complained that, while bankers claim they support financial regulation reform, large banks have been lobbying against portions of overhaul legislation moving through Congress, including a provision to set up a new consumer protection agency to oversee their marketing of credit cards, mortgages and car loans.