January 24, 2022

News

News Network

Financial Audit: Office of Financial Stability’s (Troubled Asset Relief Program) FY 2020 and FY 2019 Financial Statements

13 min read
<div>GAO found (1) the Office of Financial Stability's (OFS) financial statements for the Troubled Asset Relief Program (TARP) as of and for the fiscal years ended September 30, 2020, and 2019, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) OFS maintained, in all material respects, effective internal control over financial reporting for TARP as of September 30, 2020; and (3) no reportable noncompliance for fiscal year 2020 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested. In commenting on a draft of this report, OFS stated that it is proud to receive an unmodified opinion on its financial statements and its internal control over financial reporting. OFS also stated that it is committed to maintaining the high standards and transparency reflected in these audit results. The Emergency Economic Stabilization Act of 2008 (EESA) that authorized TARP on October 3, 2008, includes a provision for TARP, which is implemented by OFS, to annually prepare and submit to Congress and the public audited fiscal year financial statements that are prepared in accordance with U.S. generally accepted accounting principles. EESA further states that GAO shall audit TARP's financial statements annually. For more information, contact Cheryl E. Clark at (202) 512-3406 or clarkce@gao.gov.</div>

What GAO Found

GAO found (1) the Office of Financial Stability’s (OFS) financial statements for the Troubled Asset Relief Program (TARP) as of and for the fiscal years ended September 30, 2020, and 2019, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) OFS maintained, in all material respects, effective internal control over financial reporting for TARP as of September 30, 2020; and (3) no reportable noncompliance for fiscal year 2020 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested. In commenting on a draft of this report, OFS stated that it is proud to receive an unmodified opinion on its financial statements and its internal control over financial reporting. OFS also stated that it is committed to maintaining the high standards and transparency reflected in these audit results.

Why GAO Did This Study

The Emergency Economic Stabilization Act of 2008 (EESA) that authorized TARP on October 3, 2008, includes a provision for TARP, which is implemented by OFS, to annually prepare and submit to Congress and the public audited fiscal year financial statements that are prepared in accordance with U.S. generally accepted accounting principles. EESA further states that GAO shall audit TARP’s financial statements annually.

For more information, contact Cheryl E. Clark at (202) 512-3406 or clarkce@gao.gov.

News Network

  • North Carolina Tax Preparer Sentenced to Prison for Defrauding IRS
    In Crime News
    A North Carolina tax return preparer was sentenced today to 20 months in prison for conspiring to defraud the IRS.
    [Read More…]
  • Retirement Security: Older Women Report Facing a Financially Uncertain Future
    In U.S GAO News
    In all 14 focus groups GAO held with older women, women described some level of anxiety about financial security in retirement. Many expressed concerns about the future of Social Security and Medicare benefits, and the costs of health care and housing. Women in the groups also cited a range of experiences that hindered their retirement security, such as divorce or leaving the workforce before they planned to (see fig.). Women in all 14 focus groups said their lack of personal finance education negatively affected their ability to plan for retirement. Many shared ideas about personal finance education including the view that it should be incorporated into school curriculum starting in kindergarten and continuing through college, and should be available through all phases of life. Women Age 70 and Over by Marital Status Note: Percentages do not add up to 100 percent due to rounding Individual women's financial security is also linked to their household where resources may be shared among household members. According to the 2016 Survey of Consumer Finances, among households with older women, about 23 percent of those with white respondents and 40 percent of those with African American respondents fell short of a measure of retirement confidence, indicating their income was not sufficient to maintain their standard of living. The likelihood of a household reporting high retirement confidence rose in certain cases. For example among households of similar wealth, those with greater liquidity in their portfolio and those with defined benefit plan income were more likely to report high retirement confidence. This testimony summarizes the information contained in GAO's July 2020 report, entitled Retirement Security: Older Women Report Facing a Financially Uncertain Future (GAO-20-435). For more information, contact Tranchau Nguyen at (202) 512-2660 or NguyenTT@gao.gov.
    [Read More…]
  • Secretary Antony J. Blinken And Mexican Foreign Secretary Marcelo Ebrard At a Joint Press Availability
    In Crime Control and Security News
    Antony J. Blinken, [Read More…]
  • Briefing with Senior State Department Official on the Secretary’s Upcoming Travel to Jerusalem, Ramallah, Cairo, and Amman
    In Crime Control and Security News
    Office of the [Read More…]
  • Secretary Pompeo to Host [pre-recorded] Virtual Conference on Combatting Online Anti-Semitism
    In Crime Control and Security News
    Office of the [Read More…]
  • Associate Attorney General Vanita Gupta Delivers Remarks at the 2021 Annual Alaska Federation of Natives Winter Conference
    In Crime News
    Good afternoon. My name is Vanita Gupta and I am the Associate Attorney General at the Justice Department. I am honored to speak to you today as part of this extraordinary gathering.
    [Read More…]
  • Launch of United Women’s Economic Development Network
    In Crime Control and Security News
    Office of the [Read More…]
  • Results-Oriented Cultures: Implementation Steps to Assist Mergers and Organizational Transformations
    In U.S GAO News
    The Comptroller General convened a forum in September 2002 to identify useful practices and lessons learned from major private and public sector mergers, acquisitions, and organizational transformations. This was done to help federal agencies implement successful transformations of their cultures, as well as the new Department of Homeland Security merge its various originating components into a unified department. There was general agreement on a number of key practices found at the center of successful mergers, acquisitions, and transformations. In this report, we identify the specific implementation steps for the key practices raised at the forum with illustrative private and public sector examples. To identify these implementation steps and examples, we relied primarily on interviews with selected forum participants and other experts about their experiences implementing mergers, acquisitions, and transformations and also conducted a literature review.At the center of any serious change management initiative are the people. Thus, the key to a successful merger and transformation is to recognize the "people" element and implement strategies to help individuals maximize their full potential in the new organization, while simultaneously managing the risk of reduced productivity and effectiveness that often occurs as a result of the changes. Building on the lessons learned from the experiences of large private and public sector organizations, these key practices and implementation steps can help agencies transform their cultures so that they can be more results oriented, customer focused, and collaborative in nature.
    [Read More…]
  • On the Attacks in Kayah State and Throughout Burma
    In Crime Control and Security News
    Antony J. Blinken, [Read More…]
  • Former Labor Union Chief of Staff Convicted of Health Care Fraud
    In Crime News
    A federal jury in the U.S. District Court for the District of Columbia convicted an Arkansas man on Friday for fraudulently arranging for a labor union to provide health plan coverage to his girlfriend, who was never a union employee.
    [Read More…]
  • Military Operations: Recent Campaigns Benefited from Improved Communications and Technology, but Barriers to Continued Progress Remain
    In U.S GAO News
    Recent U.S. combat operations in Kosovo, Afghanistan, and Iraq benefited from new Department of Defense (DOD) strategies and technologies, such as improvements in force networks and increased use of precision weapons, designed to address changes in the security environment resulting from the continuing terrorist threat and the advent of the information age. Based on the authority of the Comptroller General, GAO reviewed these conflicts, with a focus on bombing operations, to gain insight into the changes being implemented by DOD. This report focuses on (1) assessing the impact on operational effectiveness of improvements in force networks and in the use of precision weapons and (2) identifying key barriers to continued progress.Improvements in force networks and in the use of precision weapons are clearly primary reasons for the overwhelming combat power demonstrated in recent operations. However, the full extent to which operations have been speeded up or otherwise affected is unclear because DOD does not have detailed measures of these effects. Enhancements to networked operations, such as improved sensors and surveillance mechanisms, and more integrated command and control centers, have improved DOD's ability to share a broad view of the battlefield and communicate quickly with all elements of the force--reducing the time required for analysis and decision making in combat operations. However, recognizing that the full impact of these changes is unclear, DOD is conducting a series of case studies to better understand the effects of networked operations. Improvements in force networks have also been enhanced by the use of precision-guided weapons and associated technologies. These improvements not only provide commanders with greatly increased flexibility, such as the ability to conduct bombing operations in poor weather and from higher and safer altitudes, but also increase the accuracy of bombing operations. GAO's analysis found that the percentage of attacks resulting in damage or destruction to targets increased markedly between operations in Kosovo and those in Afghanistan. Notwithstanding these improvements, certain barriers inhibit continued progress in implementing the new strategy. Four interrelated areas stand out as key: (1) a lack of standardized, interoperable systems and equipment, which reduces effectiveness by requiring operations to be slowed to manually reconcile information from multiple systems and limiting access to needed capabilities among military services; (2) continuing difficulties in obtaining timely, high quality analyses of bombing damages, which can slow ground advances and negate other improvements in the speed of operations; (3) the absence of a unified battlefield information system to provide standardized measures and baseline data on bombing effectiveness, which creates confusion about the success of new tactics and technologies, about assumptions used in battlefield simulation programs, and about procurement decisions; and (4) the lack of high quality, realistic training to help personnel at all levels understand and adapt to the increased flow of information, more centralized management, and other changes in the operating environment brought about by the strategic changes.
    [Read More…]
  • Russia National Day
    In Crime Control and Security News
    Antony J. Blinken, [Read More…]
  • Louisiana Marketer Sentenced in More Than $180 Million Health Care Fraud Scheme
    In Crime News
    A Louisiana marketer was sentenced today to 30 months in prison in the Southern District of Mississippi for his role in a multimillion-dollar scheme to defraud TRICARE and private insurance companies by paying kickbacks to distributors for the referral of medically unnecessary prescriptions. TRICARE is the health care program for uniformed service members, retirees and their families. The conduct resulted in more than $180 million in fraudulent billings, including more than $50 million paid by federal health care programs. 
    [Read More…]
  • Secretary Antony J. Blinken At the Launch of the U.S.-Germany Dialogue on Holocaust Issues with German Foreign Minister Heiko Maas
    In Crime Control and Security News
    Antony J. Blinken, [Read More…]
  • Issuance of Additional General Licenses and Guidance in Support of Assistance to Afghanistan
    In Crime Control and Security News
    Antony J. Blinken, [Read More…]
  • Ascension Michigan to Pay $2.8 Million to Resolve False Claims Act Allegations
    In Crime News
    Ascension Michigan and related hospitals, Providence Park Hospital, St. John Hospital and Medical Center, St. John Macomb Oakland Hospital and Ascension Crittenton Hospital (collectively, Ascension Michigan), all located in Michigan, have agreed to pay $2.8 million to resolve claims that they violated the False Claims Act by submitting or causing the submission of false claims for payment to federal health care programs related to alleged medically unnecessary procedures performed by a gynecologic oncologist (the “Doctor”).
    [Read More…]
  • Statement by Attorney General William P. Barr on the 19th Anniversary of the September 11, 2001 Terrorist Attacks
    In Crime News
    Attorney General William [Read More…]
  • Biomedical Research: NIH Should Publicly Report More Information about the Licensing of Its Intellectual Property
    In U.S GAO News
    Research conducted at Department of Health and Human Services (HHS) labs led to 4,446 U.S. patents owned by the agency covering a range of inventions from 1980 through 2019. During that period, the National Institutes of Health (NIH) had 93 patents—2 percent of the total—that contributed to the successful development of 34 drugs approved by the Food and Drug Administration (FDA) and brought to market, including vaccines and treatments for cancer. These 34 drugs were developed by pharmaceutical companies and were associated with 32 licenses granted to them by NIH. As shown in the figure, these licenses have generated up to $2 billion in royalty revenue for NIH since 1991, when FDA approved the first of these drugs. Three licenses generated more than $100 million each for the agency. Royalties from NIH Licenses of Inventions Associated with FDA-Approved Drugs, 1991 to February 2020 When licensing its inventions, NIH prioritizes the likelihood that the licensee can successfully develop a drug by considering such factors as technical expertise and the ability to raise capital. Consistent with federal interpretation of technology transfer statutory authorities, NIH does not consider the affordability of the resulting drug. NIH provides limited information to the public about its licensing activities. For example, the agency does not report which of its patents are licensed or release metrics that would enable the public to evaluate how licensing affects patient access to resulting drugs. Increasing the transparency of its licensing activities could improve the public’s and policymakers’ understanding of NIH’s management of its intellectual property. HHS monitors for unauthorized use of its inventions (infringement) and has taken steps to protect its rights. HHS relies primarily on inventors at its labs to monitor for potential infringement and generally encourages potential infringers to license the inventions. If cases proceed to litigation, HHS relies on the Department of Justice (DOJ) to protect its rights. Since 2009, HHS has worked with DOJ to defend its intellectual property in several cases in the U.S. and abroad and has referred one case to DOJ for litigation against an alleged infringer. HHS labs conduct research that can contribute to the development of new life-saving drugs. HHS may grant rights to its inventions by licensing the patents to pharmaceutical companies that conduct the additional development activities and testing necessary to bring drugs to market. Public health experts and patients’ rights advocates have raised concerns about the prices of drugs developed with federal support. GAO was asked to review HHS’s management of its intellectual property. This report examines (1) the extent to which HHS-owned intellectual property has contributed to the development of FDA-approved drugs, (2) what is known about the licenses associated with FDA-approved drugs, (3) factors NIH prioritizes when licensing its inventions and information about licensing it makes public, and (4) steps HHS has taken to protect its rights. GAO reviewed relevant laws and agency documents, analyzed patent and licensing data, and interviewed HHS officials, academic experts, industry representatives, and nongovernmental organizations. GAO is making two recommendations, including that NIH provide more information to the public about the licensing of its intellectual property. HHS concurred with GAO’s recommendations. For more information, contact John Neumann, (202) 512-6888, NeumannJ@gao.gov.
    [Read More…]
  • Norway Travel Advisory
    In Travel
    Reconsider travel to [Read More…]
  • Registered Sex Offender Sentenced To 50 Years in Prison for Producing and Using Facebook to Distribute Child Pornography
    In Crime News
    An Indiana man was sentenced today to 50 years in prison followed by 15 years of supervised release for using social media to produce child pornography.
    [Read More…]

Crime

Network News © 2005 Area.Control.Network™ All rights reserved.