Entities created to safeguard the nation's financial system lack the tools needed to detect financial risks early on, a government watchdog group said Thursday.The Treasury's Financial...

The Federal Housing Administration keeps attracting unwanted attention this week, with the Government Accountability Office releasing a report naming the agency one of dozens of government...

In its second assessment into the Troubled Asset Relief Program released Friday, the Government Accountability Office told the agency it's still lacking the necessary oversight needed to monitor the existing $700 billion bank bailout program.

President-elect Barack Obama said he agrees with the report released Tuesday by the Government Accountability Office which said the Troubled Asset Relief Program lacks a comprehensive plan to ensure TARP funds are used properly and should have greater oversight and accountability. "We're seeing some areas where we can be doing better, in making sure that this money is not going to CEO compensation, that it's protecting taxpayers, and that the taxpayers are going to get their money back; that it's effective in shoring up our financial markets," he said.

The first outside assessment into the Treasury's Troubled Asset Relief Program since its introduction a few months back revealed a far less-than-perfect report card, according to the U.S. Government Accountability Office. In a report released Tuesday, the GAO said additional actions "are "needed to better ensure integrity, accountability, and transparency" relative to TARP spending activity.