U.S. Government Accountability Office

Built World

Warning beacon: aging systems, slow modernization timelines, unmanaged risk

The FAA is no longer talking about “modernization” like it’s a distant science project. In a House hearing, Administrator Bryan Bedford said the agency will commit $6 billion by the end of 2025 to upgrade ATC telecom networks and radar surveillance, with a target deployment date of 2028.

Updated Yesterday

Rule Changes

Conducting investigation into FHFA Director Bill Pulte

In early 2025, Trump appointed housing heir Bill Pulte as director of the FHFA, which oversees Fannie Mae, Freddie Mac, and $8.5 trillion in mortgage credit. Within months, Pulte used mortgage data to publicly accuse NY AG Letitia James, Senator Adam Schiff, Fed Governor Lisa Cook, and Congressman Eric Swalwell of fraud, referring them to Justice amid concerns of political retribution.

Updated 7 days ago

Rule Changes

Provided legal interpretation that guidance was a ‘rule’ under CRA

In March 2013, U.S. bank regulators issued joint supervisory guidance on leveraged lending to prevent a return of pre-2008-style underwriting excesses, with examiners informally anchoring scrutiny around a roughly six-times-EBITDA leverage benchmark. Over the next decade, banks' pullback shifted riskier deal finance toward private-credit funds, CLOs, and other nonbanks—expanding an opaque "shadow banking" ecosystem even as regulators maintained the guidance was supervisory, not a binding rule.

Updated 7 days ago