GAO and House Committee Meet to Discuss Recommendations for Improving the SBA

March 6, 2024

Delaney Sexton
Contributing Editor

GAO and House Committee Meet to Discuss Recommendations for Improving the SBA

Dr. Courtney LaFountain of the GAO

“The SBA was thrust in the national spotlight during the COVID-19 pandemic. They took an oversized role in the delivery of pandemic assistance when American entrepreneurs were in great need. Now that the pandemic is over we have been seeing all the after-action reports on how the agency did during those stressful days. Unfortunately, the Inspector General and other government watchdogs discovered there were hundreds of billions of taxpayer dollars stolen by fraudsters. It became abundantly clear to this Committee that the COVID-19 pandemic broke the SBA, and it is time to open the hood and fix what failed American taxpayers,” says Chairman Williams in his opening statement.

Today, the House Committee on Small Business is meeting with the Government Accountability Office to address SBA’s open recommendations. The GAO provides recommendations to ensure that SBA programs are “risk-adverse and properly administered”. Some of the most pertinent recommendations are suggesting that strategies to address fraud risk and safeguard taxpayer dollars need to be further developed.

The House Committee is joined by:

  • Dr. Courtney LaFountain – GAO Acting Director, Financial Markets and Community Investments
  • Johana Ayers – GAO Managing Director, Forensic Audits and Investigative Services

Watch the hearing here.

Source:
House Committee on Small Business Hearing Memo