Money and Computing
GAO, COVID-19: Significant Improvements Are Needed for Overseeing Relief Funds and Leading Responses to Public Health Emergencies
Fast Facts: In our 9th comprehensive report on the COVID-19 pandemic, we provide updates on topics like pandemic emergency rental assistance and tax relief for businesses. In this report, GAO makes five new recommendations in the areas of emergency rental assistance, nutrition assistance, and tax relief for businesses. GAO is also designating the Department of Health and Human Services’ (HHS) leadership and coordination of a range of public health emergencies as high risk. This designation is in keeping with long-standing efforts to identify federal programs needing transformation, and to help ensure sustained executive branch and congressional attention so the nation is prepared for future emergencies. more »
Four Individuals Indicted on Wage Fixing and Labor Market Allocation; Conspiracy Aimed at Suppressing Pay for Essential Workers During COVID-19 Pandemic
“Early in the pandemic, Maine made additional resources available to ensure that seniors continued to receive in-home care and that essential workers would be able to afford personal protective equipment,” said U.S. Attorney Darcie McElwee for the District of Maine. “The U.S. Attorney’s Office is proud to partner with the Antitrust Division to protect essential workers from the type of conduct alleged in the indictment returned by the grand jury.” “PSS workers and other essential workers risked their health caring for others at the onset of the COVID-19 pandemic,” said Assistant Attorney General Jonathan Kanter of the Justice Department’s Antitrust Division. “The indictment in this case alleges that the employers of these workers colluded to deprive them of opportunities to earn better wages. The Antitrust Division and our partners will investigate and prosecute this conduct to the fullest extent of the law. more »
Federal Reserve Issues FOMC Statement Signaling a March Interest Rate Hike as Well As Reducing the Size of the Fed's Balance Sheet
"The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent. With inflation well above 2 percent and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate. The Committee decided to continue to reduce the monthly pace of its net asset purchases, bringing them to an end in early March. Beginning in February, the Committee will increase its holdings of Treasury securities by at least $20 billion per month and of agency mortgage backed securities by at least $10 billion per month. The Federal Reserve's ongoing purchases and holdings of securities will continue to foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses." more »
GAO Reports - Disaster Recovery: School Districts in Socially Vulnerable Communities Faced Heightened Challenges After Recent Natural Disasters
Most school districts that received key federal disaster recovery grants following 2017-2019 presidentially-declared major disasters had elevated proportions of students from certain socially vulnerable groups, according to GAO's analysis of federal data. Research shows that socially vulnerable groups — including children who are low income, minorities, English learners, or living with disabilities — are particularly susceptible to the adverse effects of disasters. School districts serving high proportions of children in these groups may need more recovery assistance compared to districts with less vulnerable student populations. The Federal Emergency Management Agency's (FEMA) Public Assistance program and the Department of Education's Immediate Aid to Restart School Operations (Restart) program may provide such assistance. GAO found that 57 percent of school districts receiving these key grants for 2017-2019 disasters served a higher than average proportion of students in two or more of these socially vulnerable groups, compared to 38 percent of all school districts nationwide. more »