WASHINGTON, Sept. 20, 2012 /PRNewswire-USNewswire/ -- In a blog posted on Recovery.gov Wednesday, Executive Director Michael Wood of the Recovery Accountability and Transparency Board discusses the history of the Recovery Operations Center, a state-of-the art analysis facility that serves as the heart of the Recovery Board's oversight program.
Wood described how the Board uses sophisticated technology and a group of analysts to track $276 billion—the amount of taxpayer money allocated for contracts, grants, and loans awarded to recipients. The Board works closely with the Inspector General community in its oversight effort. As a result, the money lost to fraud has been surprisingly low, Wood reported.
"We weren't looking to develop just another pay-and-chase oversight program that would detect fraud after all the money went out the door," Wood wrote in his blog. "Detection was part of the plan, of course, but our focus was on being pro-active—preventing criminals and other bad actors from ever getting their hands on Recovery funds."
SOURCE Recovery Accountability and Transparency Board