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GAO-23-106469 1 (2023-07-07)

handle is hein.gao/gaooxr0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Comptroller General Washington, DC 20548 of the United States July 7, 2023 The Honorable Janet L. Yellen Secretary of the Treasury U.S. Department of the Treasury 1500 Pennsylvania Avenue, NW Washington, D.C. 20220 Priority Open Recommendations: Department of the Treasury Dear Madam Secretary: This letter provides an update on the overall status of the U.S. Department of the Treasury's implementation of GAO's recommendations and calls your continued personal attention to areas where open recommendations should be given high priority.1 In November 2022, we reported that, on a government-wide basis, 77 percent of our recommendations made 4 years ago were implemented.2 Treasury's implementation rate over this period was 69 percent. As of July 2023, Treasury had 157 open recommendations. This does not include recommendations made to the Internal Revenue Service (IRS) and the Office of the Comptroller of the Currency (OCC), which are addressed in separate letters. We will send copies of those letters to your office. Fully implementing these open recommendations could significantly improve Treasury's operations. Since our May 2022 letter, Treasury has addressed seven of our 22 open priority recommendations, and we moved one priority open recommendation to a separate letter for OCC.3 As of September 2022, Treasury designed and documented a risk-based compliance policy and other policies and procedures to monitor recipients' use of Coronavirus State and Local Fiscal Recovery Funds, as we recommended in our October 2021 report.4 These policies and procedures will help provide assurance that recipient states and 1Priority recommendations are those that GAO believes warrant priority attention from heads of key departments or agencies. They are highlighted because, upon implementation, they may significantly improve government operations, for example, by realizing large dollar savings; eliminating mismanagement, fraud, and abuse; or making progress toward addressing a high-risk or duplication issue. 2GAO, Performance and Accountability Report: Fiscal Year 2022, GAO-22-900398 (Washington, D.C.: Nov. 15, 2022). 30ur December 2018 recommendation to OCC is about financial technology (fintech) lenders' use of alternative data. See GAO, Financial Technology: Agencies Should Provide Clarification on Lenders' Use of Alternative Data, GAO- 19-111 (Washington, D.C.: Dec. 19, 2018). 4GAO, COVID-19: Additional Actions Needed to Improve Accountability and Program Effectiveness of Federal Response, GAO-22-105051 (Washington, D.C.: Oct. 27, 2021). GAO-23-106469 Treasury Priority Recomendations Page 1

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