Return to Article: IG: Federal Protective Service slow to pay contractors
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How did they violate the Prompt Payment Act if they paid the interest the act requires?
"Late" payment of invoices often is a good management decision and should be evaluated properly! $1.2 million in interest is very reasonable if the amount of late payments averages about $24 million annually. The Treasury cannot raise money any cheaper than that at the current time! Thus, if the amount averages $24 million or more in late payments the department is making a very good decision for the country and the taxpayers. The IG needs to look at the result of the action and not in terms of some law that they misstate! If the IG's statements are correct, why do banks not meet their reserve requirements continuously? Why do private sector companies pay later than the invoice would request? Why do consumers kite checks and pay late?
The problem discovered here is that the IG does not have the capability to evaluate the late payments properly!
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