This report examines the implementation of the Inflation Adjustment Act. Specifically, the objectives were to determine (1) whether, as of June 30, 2002, agencies with penalties covered by the act had made the required penalty adjustments and (2) whether provisions in the act have prevented agencies from keeping their penalties in pace with inflation. A complete discussion of the scope and methodology is included later in this report. In brief, we focused part of our work on six agencies that the most recent data available indicated had large penalty assessments. We also focused on the five agencies that levy penalties under the excluded statutes. We conducted this review under our basic legislative authority to undertake work supporting Congress.
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