OMB Floats Smoother Rules For $600B In US Grants

Law360, New York (February 28, 2012, 5:09 PM EST) -- The Office of Management and Budget on Tuesday proposed streamlined rules for the $600 billion spent every year on federal grants, including limiting some audit requirements to recipients getting at least $1 million and making it easier to fund cloud-computing centers.

The proposals grew out of a move by the Obama administration to cut government red tape and more tightly focus grant policies on eliminating waste, fraud and abuse. The OMB in October created a Council on Financial Assistance Reform, with representatives from the largest federal...
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