![]() ![]() While the Great Recession ended in 2009, our work examining its impacts on the health of our financial system and related government assistance continues. We also provided targeted studies in areas like small business lending, education, and trade adjustment assistance. ![]() For example, we provided bimonthly reviews of the use of funds by selected states and localities. The Recovery Act assigned GAO a range of responsibilities to help promote accountability and transparency in the use of those funds. In response, Congress passed the American Recovery and Reinvestment Act of 2009, which included $800 billion to promote economic recovery. The Great Recession that began in December 2007 was believed to be the worst economic downturn the country had experienced since the Great Depression. This gradual change in mission from serving as federal accountants to program and policy analysts would continue through 2003, when GAO changed its name from the General Accounting Office to the Government Accountability Office. ![]() Fieldwork began in the mid-1930s, including reviews of government agriculture programs in Kentucky and several southern states. By 1939, our workforce nearly tripled to 5,000.Īround this same time, our auditors began expanding their role in overseeing federal programs. With about 1,700 employees at the time, GAO soon found itself shorthanded and needed to hire more employees to process paperwork, such as vouchers. In response to the Great Depression, Congress approved President Franklin Roosevelt’s New Deal, which provided $41.7 billion in funding for domestic programs like work relief for unemployed workers.Īs federal money was pouring into the recovery and relief efforts of the 1930s, GAO’s workload increased. GAO was founded in 1921 and was very much still a young agency when the stock market crashed in 1929-causing the prolonged period of economic downturn known as the Great Depression. Today’s WatchBlog post looks at GAO’s role during times of crisis-specifically in monitoring the federal responses to the Great Depression, the Great Recession, and the coronavirus pandemic. While responding to crises quickly is important, so is ensuring federal programs and taxpayer resources are used as intended. During times of national crisis, Congress has responded by directing funding and federal programs toward providing relief to struggling Americans. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |