Protecting America's Bank Account Against Fraud, Waste, and Abuse

What it means

Establishes protections to reduce fraud and waste in government spending. The Treasury Department will implement verification processes for payments and consolidate financial systems across agencies. Government agencies must provide data to help prevent improper payments from "America's bank account."

Expected impact

• Reduced fraud and improper payments, potentially saving billions of taxpayer dollars annually
• Improved financial transparency and accountability across federal agencies
• More centralized financial management with greater Treasury oversight of government payments
• Streamlined operations as agencies transition from managing their own payments to using Treasury systems
• Enhanced data sharing to help identify and prevent fraudulent transactions before they occur