Recovery Act

Recovery Act Overview

The American Recovery and Reinvestment Act of 2009 (Recovery Act), signed into law February 17, 2009, is an unprecedented effort to jumpstart our economy, create or save millions of jobs, and put a down payment on addressing long-neglected challenges so our country can thrive in the 21st century. The Recovery Act is an extraordinary response to a crisis unlike any since the Great Depression, and includes measures to modernize our nation’s infrastructure, enhance energy independence, expand educational opportunities, preserve and improve affordable health care, provide tax relief, and protect those in greatest need.

The Department of the Treasury is responsible for overseeing an estimated $150 billion of Recovery Act funding and tax relief. Treasury’s oversight responsibilities include grants for specified energy property in lieu of tax credits, grants to states for low-income housing projects in lieu of tax credits, increased Community Development Financial Institutions Fund grants and tax credits, economic recovery payments to social security beneficiaries and others, and payment to U.S. territories for distribution to their citizens. Many of these programs are new to Treasury and involve very large dollar amounts. As a result, Treasury faces immense challenges in ensuring that the programs achieve their intended purpose, provide for accountability and transparency, and are free from fraud and abuse.

The overall objective of our audit oversight of Treasury’s Recovery Act programs is to evaluate management’s accountability, control, and oversight of the Department’s Non-Internal Revenue Service Recovery Act funds and provide recommendations for improving operations and preventing fraud, waste, and abuse with respect to those funds.

Recovery Act Reports Issued