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Open Recommendations (94 total)

World Bank Procurement: Risk Monitoring Can be Enhanced as U.S. Businesses Face Challenges Competing

GAO-24-106718
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1 Open Recommendations
Agency Affected Recommendation Status
Department of the Treasury The Secretary of the Treasury should ensure that the Office of International Affairs develops guidance and a formal process for how it will monitor World Bank borrower projects when it determines that monitoring is necessary. (Recommendation 2)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

World Bank Procurement: Risk Monitoring Can be Enhanced as U.S. Businesses Face Challenges Competing

GAO-24-106718
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1 Open Recommendations
Agency Affected Recommendation Status
Department of the Treasury The Secretary of the Treasury should ensure that the Office of International Affairs develops guidance and a formal process to determine whether to monitor individual World Bank borrower projects based on risks to U.S. interests. (Recommendation 1)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

COVID-19: Lessons Can Help Agencies Better Prepare for Future Emergencies

GAO-24-107175
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1 Open Recommendations
Agency Affected Recommendation Status
Department of the Treasury The Secretary of the Treasury should include key lessons from the COVID-19 emergency financial assistance provided to the aviation industry, including those lessons identified by GAO and other auditing entities, in the department's ongoing efforts to compile resources to prepare for future financial disasters. (Recommendation 1)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Emergency Rental Assistance: Treasury Should Improve Data Completeness and Public Reporting

GAO-24-107084
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1 Open Recommendations
Agency Affected Recommendation Status
Department of the Treasury The Secretary of the Treasury should ensure that the Chief of the Office of Capital Access revise ERA2 public reports to include language disclosing details on potential underreporting of ERA2 expenditures, demographic information, and payments to households, and on local jurisdictions' transfer of funds. (Recommendation 1)
Open
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

Financial Literacy: Better Outcome Reporting Could Facilitate Oversight of Programs for Older Adults and People with Disabilities

GAO-24-106381
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1 Open Recommendations
Agency Affected Recommendation Status
Department of the Treasury The Secretary of the Treasury, as chair of the Financial Literacy and Education Commission, should coordinate with the vice chair and agencies represented on the Commission to encourage the ongoing collection of data on financial literacy program outcomes and include these data in the Commission's annual report to Congress. (Recommendation 1)
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

GAO-24-107358
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3 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 periodically assessing the relevance of mitigation agreements and amending, phasing out, or terminating them when appropriate. (Recommendation 2)
Open
The Department of the Treasury stated that it agreed with our recommendation and would take steps to address it. As of July 2024, Treasury said that it had engaged with CFIUS member agencies on a committee-wide process related to assessing the continued relevance of mitigation agreements. Treasury stated that CFIUS member agencies were reviewing and providing input on draft committee standard operating procedures that address terminations, waivers, and amendments of mitigation agreements. Once Treasury reports that the committee has finalized these procedures, we plan to verify whether its steps address the recommendation.
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
The Department of the Treasury stated that it agreed with our recommendation and would take steps to address it. As of July 2024, Treasury said that it had engaged with CFIUS member agencies on a committee-wide process related to consideration and decisions on enforcement actions. Treasury stated that CFIUS member agencies were reviewing and providing input on draft committee standard operating procedures that address the enforcement process. Once Treasury reports that the committee has finalized these procedures, we plan to verify whether its steps address the recommendation.
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
The Department of the Treasury stated that it agreed with our recommendation and would take steps to address it. As of July 2024, Treasury said that it had engaged with CFIUS member agencies on a committee-wide process to coordinate staffing levels for monitoring and enforcement. Treasury stated that CFIUS member agencies were considering a proposed process for periodic sharing of information and coordination on staffing resources and forecasts. Once Treasury reports that the committee has finalized this process, we plan to verify whether its steps address the recommendation.

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

GAO-24-107358
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1 Open Recommendations
Agency Affected Recommendation Status
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
The Department of the Treasury stated that it agreed with our recommendation and would take steps to address it. As of July 2024, Treasury said that it was continuing to work on achieving its staffing targets and intends to assess its staffing in accordance with federal workforce planning guidance. Once Treasury reports that it has analyzed its monitoring and enforcement staffing in accordance with federal workforce planning guidance, we plan to verify whether its steps address the recommendation.

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

GAO-24-105833
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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
Treasury indicated that it concurred with our recommendation that it establish an effort to evaluate and identify methods to expand government-wide fraud estimation to support fraud risk management. With more targeted estimates, agencies would be better positioned to leverage this information to strategically manage fraud risk. We will continue to monitor Treasury's progress with this effort.
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