Originally posted on Federal News Radio by Shefali Kapadia

Agencies are spending significantly less money on federal conferences, which could amount to $500 million in annual savings across the government.

Increased oversight and tighter controls have led to a nearly 90 percent drop in conference spending since 2010 at four agencies, according to a report by Rep. John Mica (R- Fla.).

Internal Revenue Service conference spending decreased from $37.6 million in 2010 to $4.9 million 2012, and General Services Administration spending decreased from $10.9 million in 2010 to $1.3 million in 2012.

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