DOD revamped its acquisition policies in 2020 to try to deliver innovative weapons faster. These weapons are often "cyber-physical" products that combine hardware and software. We previously found that leading companies use iterative design, testing, and feedback processes to get these kinds of products to market quickly. But some program managers weren't sure how to apply iterative development in their programs. So we recommended the...
Published: Dec 12, 2024 . Publicly Released: Dec 11, 2024 .
Veterans Affairs relies on critical IT systems to manage benefits and provide care to millions of veterans and their families. We testified about VA's efforts to modernize and manage its IT. For example, after 3 unsuccessful attempts to modernize its health information system, the department is trying again. We also reported that VA's IT contracts were not always properly approved. We've made many recommendations to...
GAO-25-107089
Published: Dec 11, 2024 . Publicly Released: Dec 11, 2024 .
Congress sets a limit on federal borrowing, known as the debt limit. If the government reaches this limit and exhausts available cash, it risks missing payments on its debt, thereby defaulting. A default could have devastating effects on financial markets, the economy, and the United States' stature abroad. Federal spending and revenue decisions are made separately from decisions on the debt limit. This can create...
GAO-25-106846
Published: Nov 12, 2024 . Publicly Released: Dec 11, 2024 .
Charter school participation in the National School Lunch Program has increased in the past 5 years. But participation rates are uneven. In 13 states, all charter schools participated. In 5 states, less than half did. How can the Food and Nutrition Service (FNS) address this? More data—FNS hasn't attempted a study of charter school participation since 2018 and could look for cost-effective ways to get...
GAO-25-107636
Published: Dec 11, 2024 . Publicly Released: Dec 11, 2024 .
Decades of nuclear weapons production have generated millions of gallons of nuclear waste, which has been challenging to manage. And, the National Nuclear Security Administration's ongoing maintenance and modernization of the nuclear weapons stockpile will generate new waste in the coming years. But NNSA's strategy for treating, storing, and disposing of the new waste isn't comprehensive and doesn't fully address all the legal requirements. For...
GAO-25-106500
Published: Dec 11, 2024 . Publicly Released: Dec 11, 2024 .
Financial institutions must file currency transaction reports for any cash transactions in amounts greater than $10,000 a day. Law enforcement agencies can use the reports to investigate drug trafficking, terrorist acts, fraud, and other criminal activities. The number of reports filed has increased by about 62% since FY 2002. The reporting threshold hasn't been updated for inflation since it was set in the 1970s—which may...
Published: Dec 11, 2024 . Publicly Released: Dec 11, 2024 .
Many of the bridges that Americans drive over each day need repairs. The Department of Transportation awarded $2.4 billion for 37 bridge repair or replacement projects through a new grant program. DOT held webinars and set up a dedicated email address to answer grant applicant questions. But during the program's first year, its processes didn't fully align with federal regulations and agency guidance. Specifically, it...
Released on Dec 10, 2024
GAO-25-106236
Published: Dec 10, 2024 . Publicly Released: Dec 10, 2024 .
Countries and U.S. territories in the Indo-Pacific are vulnerable to climate change effects like sea level rise, coral bleaching, and drought. The U.S. provided about $1.9 billion to address these risks in the region from FY 2017-23. Recipients used the assistance for activities related to mangrove health, solar energy, and more. Tracking certain activity funding by country or territory could help some agencies better manage...
GAO-25-107039
Published: Dec 10, 2024 . Publicly Released: Dec 10, 2024 .
Hundreds of thousands of federal employees file annual financial disclosure reports. The reports help ethics officials find and address conflicts between employees' financial interests and their government responsibilities. Our Q&A report covers the financial disclosure reporting program and ways to improve it. Over the years, the Office of Government Ethics has recommended that Congress update outdated or unnecessary reporting requirements. The office's last evaluation of...
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IR-2024-310, Dec. 12, 2024 — The Internal Revenue Service today provided the regular quarterly update to the Strategic Operating Plan, outlining key milestones in criminal investigations, improvements to taxpayer services and advancements in digital modernization that have transformed agency operations while protecting billions of taxpayer dollars.
IR-2024-309, Dec. 10, 2024 — The Internal Revenue Service today reminded those aged 73 and older of the deadline to take required minimum distributions from individual retirement arrangements (IRAs) and other retirement plans, and highlighted updates introduced by the SECURE 2.0 Act.
NYS
December 9, 2024
PCAOB
Dec. 10, 2024
Washington D.C., Dec. 13, 2024 — The Securities and Exchange Commission today announced that Erik Gerding, Director of the Division of Corporation Finance, will depart the agency effective Dec. 31, 2024. Upon Mr. Gerding’s departure, Cicely LaMothe will serve as Acting Director.
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Washington D.C., Dec. 12, 2024 — The Securities and Exchange Commission today charged global financial services firm Cantor Fitzgerald, L.P. with causing two special purpose acquisition companies (SPACs) that it controlled to make misleading statements to investors ahead of their initial public offerings (IPOs). Cantor Fitzgerald has agreed to pay a $6.75 million civil penalty to settle the SEC’s charges.
Washington D.C., Dec. 12, 2024 — The Securities and Exchange Commission today charged Eric Cobb of South Carolina with engaging in a fraudulent scheme where he allocated profitable securities trades to favored accounts and unprofitable trades to disfavored clients, a practice known as cherry-picking, while he was a representative of investment adviser SeaCrest Wealth Management, Inc. The SEC also announced settled charges against SeaCrest in connection with the scheme.
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Washington D.C., Dec. 12, 2024 — The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation issued its 2024 Annual Report today to Congress and the Commission. The report is a comprehensive and data-packed resource on the dynamics of capital raising across the country.
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Washington D.C., Dec. 12, 2024 — The Securities and Exchange Commission’s Office of the Investor Advocate today published its Report on Activities for the Fiscal Year 2024 to Congress, highlighting the work of the office during the fiscal year.
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Washington D.C., Dec. 11, 2024 — The Securities and Exchange Commission today announced insider trading charges against Ken Peterman, the former CEO, president, and Chair of the Board of Comtech Telecommunications Corp., in connection with his sale of Comtech shares on the basis of material non-public information about Comtech’s forthcoming negative quarterly earnings results.
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Washington D.C., Dec. 11, 2024 — The Securities and Exchange Commission today charged Chibuzo Augustine Onyeachonam, Stanley Chidubem Asiegbu, and Chukwuebuka Martin Nweke-Eze with fraud for impersonating legitimate securities brokers and investment advisers in an elaborate online scheme through which the defendants stole more than $2.9 million from at least 28 investors.
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Washington D.C., Dec. 9, 2024 — The Securities and Exchange Commission today charged Morgan Stanley Smith Barney LLC (MSSB) with failing to reasonably supervise four investment adviser and registered representatives (hereafter, financial advisors) who stole millions of dollars of advisory clients’ and brokerage customers’ funds and for failing to adopt policies and procedures reasonably designed to prevent and detect such theft. To settle the charges, MSSB agreed to pay a $15 million penalty and accept certain undertakings.
Washington D.C., Dec. 9, 2024 — The Securities and Exchange Commission today charged Denver resident Ian G. Bell with securities fraud for lying to investors and misappropriating their funds in connection with a fraudulent day-trading scheme.
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Washington D.C., Dec. 9, 2024 — The Securities and Exchange Commission today announced that Haoxiang Zhu, Director of the Division of Trading and Markets, will depart the agency effective Dec. 10, 2024. Upon Mr. Zhu’s departure, David Saltiel, a Deputy Director who also heads the Division’s Office of Analytics and Research, will serve as Acting Director.