Treasury cancels contracts with Booz Allen Hamilton

U.S. Secretary of the Treasury Scott Bessent announced the cancelation of all contracts with consulting firm Booz Allen (BAH) Hamilton. The Treasury Department currently has 31 separate contracts with Booz Allen Hamilton totaling $4.8M in annual spending and $21M in total obligations. “President Trump has entrusted his cabinet to root out waste, fraud, and abuse, and canceling these contracts is an essential step to increasing Americans’ trust in government. Booz Allen failed to implement adequate safeguards to protect sensitive data, including the confidential taxpayer information it had access to through its contracts with the Internal Revenue Service,” said Secretary Bessent. Shares of Booz Allen are down $6.86, or 7%, to $95.37 following the announcement.