Testimony issued by the Government Accountability Office with an abstract that begins "The federal government plays a wide-ranging role in promoting financial literacy. Efforts to improve financial literacy in the United States involve an array of public, nonprofit, and private participants, but among those participants, the federal government is distinctive for its size and reach and for the diversity of its components, which address a wide range of issues and populations. At forums of financial literacy experts that GAO held in 2004 and 2011, participants noted that the federal government can use its “bully pulpit,” convening power, and other tools to draw attention to the issue, and serve as an objective and unbiased source of information about the selection of financial products and services. In prior work, GAO cited a 2009 report by the RAND Corporation in which 20 federal agencies self-identified as having 56 federal financial literacy programs, but GAO’s subsequent analysis found substantial inconsistency in how different agencies defined and counted financial literacy programs. Based on a more consistent set of criteria, GAO identified 16 significant financial literacy programs or activities among 14 federal agencies, as well as 4 housing counseling programs among 3 federally supported entities, in …

Correspondence issued by the Government Accountability Office with an abstract that begins "The policies and procedures of the CDFI and NMTC Programs help ensure that awards and allocations generally are proportionate to the numbers of qualified applicants that serve metropolitan and nonmetropolitan areas. The CDFI Program’s authorizing legislation and regulations require that award recipients constitute a geographically diverse group, serving metropolitan and nonmetropolitan areas and Native communities from different U.S. regions. To meet this requirement, CDFI Program officials have used the application review process and established a goal of matching the proportion of awards to the proportion of qualified applicants that primarily serve nonmetropolitan areas. This proportion changed from year to year depending on the number of qualified applicants that served nonmetropolitan areas. According to officials, revisions to the award procedures in the fiscal year 2012 funding round will enhance the CDFI Program’s ability to achieve proportionality. In 2006, Congress, in the Tax Relief and Health Care Act of 2006, added a requirement for the NMTC Program that nonmetropolitan counties receive a proportional allocation of qualified equity investments. To meet this requirement, in 2008, the NMTC Program implemented two goals in its application review process. The first goal requires that …

Testimony issued by the Government Accountability Office with an abstract that begins "The Internal Revenue Service (IRS) has made improvements in processing tax returns, and electronic filing (e-filing), which provides benefits to taxpayers including faster refunds, continues to increase. However, IRS’s performance in providing service over the phone and responding to paper correspondence has declined in recent years. For 2012, as with previous years, IRS officials attribute the lower performance to other funding priorities."