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Enacted in 1978, this Act authorized establishment of Offices of Inspectors General, “independent and objective units” within federal agencies that: (1) conduct and supervise audits and investigations relating to the programs and operations of their agencies; (2) provide leadership and coordination and recommend policies for activities designed to promote economy, efficiency, and effectiveness in the administration of agency programs, and to prevent and detect fraud and abuse in such programs and operations; and (3) provide a means for keeping the head of the agency and Congress fully and currently informed about problems and deficiencies relating to the administration of such programs and operations and the necessity for and progress of corrective action.
- Browse Related Terms: American Recovery and Reinvestment Act of 2009, Conservatorship, Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), Emergency Economic Stabilization Act (EESA), Garn-St. Germain Depository Institutions Act, Housing and Economic Recovery Act (HERA), Inspector General Act, Inspector General Reform Act, Interest Rate Risk