Fact-check · Oct 30, 2026 · Scott Bessent
“For four years these programs were laid bare for pirates to rob to the tunes of hundreds of billions of dollars”
MOSTLY TRUE
What the record shows
GAO and agency OIGs estimate $300+ billion in pandemic-relief fraud (UI: $100-135B; PPP/EIDL: ~$200B) from 2020-2023. Improper payments peaked at $281B in FY2021.
Hundreds of billions figure is supported by authoritative sources. However, 'four years' and 'all programs' are imprecise—estimates vary by program and period, and no single audit quantifies total fraud across all federal programs for exact
Sources
- PROGRAM INTEGRITY Agencies and Congress Can Take Actions to Better
- Feds Struggled to Claw Back Covid Fraud while Schemers Put Down Payments on Yachts, Lamborghinis
- GAO-25-108172, PROGRAM INTEGRITY: Agencies and Congress Can Take Actions to Better Manage Improper Payments and Fraud Risks
- COVID-19 Relief: Consequences of Fraud and Lessons for ...
- How Much Can the Administration Really Save by Cutting Down on Improper Payments?
- Fraud and Its Consequences—Who Steals from Federal Programs and What’s the Cost?
From: Secretary of the Treasury Scott Bessent Holds a Fraud Task Force Press Conference in St. Cloud, MN
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