Audit of GSA's Response to COVID-19: Assessment of Water Quality in GSA-Controlled Facilities
The preliminary objective of the audit is to determine if GSA implemented guidance from the Centers for Disease Control and Prevention and the U.S. Environmental Protection Agency, as well as followed GSA policies, to ensure the water is safe in GSA-controlled facilities after decreased occupancy from the COVID-19 pandemic.
Inspection of Indoor Air Quality in Unrenovated Space at GSA Headquarters Building
The Office of Inspector General, Office of Inspections, is conducting an inspection of indoor air quality in the unrenovated space at the GSA Headquarters Building. Our objectives are to assess the potential impact of building occupancy in Wings 0 and 3 of the Headquarters Building on indoor air quality, ventilation, filtration, and circulation test results, and; to identify any actions GSA has taken, is taking, or plans to take, in implementing Centers for Disease Control and Prevention and other guidance for a safe work environment to mitigate risks in these unrenovated areas.
Audit of GSA's Response to COVID-19: Assessment of Indoor Air Quality in GSA-Controlled Facilities
The focus of this audit is to determine whether GSA's Public Buildings Service (PBS) has taken appropriate steps during the COVID-19 pandemic to ensure that indoor air quality in GSA-controlled facilities meets applicable federal and industry standards. Our audit objectives are to determine whether PBS has (1) implemented Centers for Disease Control and Prevention and Occupational Safety and Health Administration guidance to mitigate and prevent the spread of COVID-19 in GSA-owned facilities, and (2) adhered to federally adopted industry standards for acceptable indoor air quality.
Evaluation of the Federal Reserve System’s Loan Purchase and Administration for Its Main Street Lending Program (MSLP)
In response to the COVID-19 pandemic, the Federal Reserve System established the MSLP—composed of five different lending facilities—to facilitate lending to small and medium-sized for-profit and nonprofit organizations. Through the MSLP, the Federal Reserve Bank of Boston (FRB Boston) purchased 1,830 loans amounting to approximately $17.5 billion from lenders; the majority of these loans were purchased during the last 2 months of the program. Following the purchase of the loans, FRB Boston is now responsible for administering the loans, including assessing overall credit risk and identifying substandard loans. FRB Boston leveraged third-party vendors to support both loan purchases and loan administration. We plan to assess the MSLP’s processes for loan purchases and loan administration, including the design, implementation, and operating effectiveness of internal controls.
Evaluation of the Federal Reserve System’s Vendor Selection and Management Processes Related to the Federal Reserve Bank of New York’s Emergency Lending Programs
As part of its emergency lending program, FRB New York operated six emergency lending facilities, five of which were supported by multiple vendor contracts. FRB New York awarded some of its emergency lending program–related contracts noncompetitively because of the exigent circumstances, and other contracts pose potential conflict-of-interest risks to the System. FRB New York’s reliance on vendors highlights the importance of its monitoring of vendor performance. We plan to assess the Board’s and FRB New York’s processes related to vendor selection and management for FRB New York’s emergency lending programs.
Monitoring of the Federal Reserve’s Lending Facilities
In response to the economic effects of the coronavirus pandemic, the Federal Reserve recently announced that it would create new lending facilities to provide loans to employers, certain businesses, and communities across the country to support the U.S. economy. Specifically, the following programs have been created or are in development: the Main Street Lending Program, the Paycheck Protection Program Liquidity Facility, the Municipal Liquidity Facility, the Primary Market Corporate Credit Facility, and the Secondary Market Corporate Credit Facility. We are initiating an active monitoring effort of these programs to gain an understanding of operational, governance, reputational, and financial matters associated with them. Through this monitoring effort, we will refine our focus on the programs and identify areas for future audits or evaluations. Some of the topics we are considering include the design, operation, governance, and oversight of the lending programs; data collection and reporting associated with the programs; and the effect of the programs on the Board’s supervision and regulation activities.
Monitoring of GSA Activities in Response to the Coronavirus Disease 2019
The CARES Act provides GSA with $295.15M to prevent, prepare for, and respond to COVID-19 domestically or internationally. The GSA OIG will monitor GSA’s implementation of the CARES Act, and issue alert reports as necessary to advise management of potential problems, including any internal control issues. As significant risks or concerns are identified, the OIG will conduct additional audit assignments to address them specifically and in more detail.
Evaluation of the Hardest Hit Fund Status and Wind Down Planning
Treasury reports that the Hardest Hit Fund is in a wind down status. SIGTARP will evaluate the status of the program, and Treasury’s planning of the program’s wind down. This will include, for example, TARP dollars remaining to be spent by state agencies, as well as current and estimated future program activity. It will also review Treasury’s direction and guidance to state agencies for wind down planning, and the state agencies’ response.