WASHINGTON (CN) - President Barack Obama announced he would not rescind $11.5 million in unobligated funds made available from his 2009 Recovery Act at the end of this year because certain oversight investigations may take several years to complete.
The Recovery Act, which was amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, allows the President to rescind unobligated funds made available to certain Inspectors General for investigations.
The president "determined that it is not in the best interest of the Nation" to rescind certain funds at the end of this year, and that he would waive the repayment requirements.
"The requesting Inspectors General are tasked with overseeing investigations that can take multiple years to complete, and the oversight work often begins in earnest during the final phases of a project," Obama wrote. "The $11.5 million unobligated balance will allow Inspectors General the needed flexibility to effectively combat waste, fraud, and abuse," the announcement said.
The waiver applies to the Treasury Inspector General for Tax Administration; the Inspectors Generals for the National Science Foundation and Small Business Administration; and the Inspectors General for the Departments of Commerce, Housing and Urban Development, and Transportation.
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