According a Government Accountability Office report released recently, the federal government has reduced waste, fraud and abuse over the last two years in high-risk government programs.  It also highlights 30 areas in the federal government that are most at risk of problems or failure.  The House Oversight and Government Reform Committee held a hearing on the report and heard from the U.S. Comptroller General and head of the GAO Gene Dodaro.

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The House Financial Services Committee looked at new rules governing financial derivatives put in place by the Dodd-Frank Financial Regulation Law.  This was the first in a series of hearings planned by the committee’s new chairman Rep. Spencer Bachus (R-AL) on how Dodd-Frank will affect the derivatives markets.

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Federal Reserve Chairman Ben Bernanke testifies before the House Budget Committee today. Lawmakers are questioning the Fed's plans on avoiding inflation and the current unemployment rate.

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The Atlantic Magazine hosted a forum on the U.S. economy and job creation featuring members of the Obama administration, state officials and entrepreneurs.  Treasury Secretary Timothy Geithner, Senator Orrin Hatch (R-UT), FCC Chairman Julius Genachowski and Virginia Governor Bob McDonnell (R) were featured panelists. 

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Chairman of the Council of Economic Advisers Austan Goosbee and Director of the National Economic Council Gene Sperling joined Press Secretary Robert Gibbs at the White House daily briefing to discuss the innovation report and provide more detail about the "Win the Future" agenda.  The two economic advisers also discussed the latest jobs report and the president's budget plan. 

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Last year, the Congressional Oversight Panel (COP) announced that half of the $1.4 trillion commercial real estate loans due to mature between 2010 and 2014, were far below market value. The Panel, which oversees the $700 billion the U.S. bank bail out program, Troubled Asset Relief Program (TARP), predicted that losses on those loans could reach up to $300 billion. Today, COP  held a meeting to review the status of the depressed real estate market and how it stands to jeopardize the stability of many U.S. banks.

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The Congressional Budget Office has projected continued, but moderate economic and job growth over the next few years. The Senate Budget Committee spoke with three economists to get their points of view.  They heard from Morgan Stanley’s chief U.S. economist, an economics professor from MIT’s Sloan Management School and the former chief economist for Bear Stearns.

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With a number of states dealing with financial difficulties and budget shortfalls, Congress faces the prospect of providing “bailout” funds to states or possibly allowing governors to file bankruptcy.

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At the World Economic Forum, Treasury Secretary Tim Geithner talked about the future of the U.S. economy and said he was confident that the U.S. was headed into a period of economic growth.  PBS’ Charlie Rose moderated this 50-minute event.

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Health care remains a top legislative priority for Congress and the Obama Administration; while Republicans are continuing efforts to repeal the health care law, committees have also held several hearings examining the effects of the law.

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