Title:

Troubled Asset Relief Program : Status of Efforts to Address Transparency and Accountability Issues

Troubled Asset Relief Program : Status of Efforts to Address Transparency and Accountability Issues

DATE: January 30, 2009

AUTHORS:

ABSTRACT: This is the second GAO report on the Troubled Asset Relief Program (TARP). It follows up on the nine recommendations from the December 2, 2008, report (GAO-09-161). It also reviews (1) the nature and purpose of activities that had been initiated under TARP as of January 23, 2009; (2) Treasury's Office of Financial Stability (OFS) hiring and transition efforts, use of contractors, and progress in developing a system of internal control; and (3) preliminary indicators of TARP's performance. To do this work, GAO reviewed signed agreements and other relevant documentation and met with officials from OFS, contractors, federal agencies, and some participating institutions. Treasury has taken important steps to implement all nine previous recommendations, but has yet to fully address eight. This report includes recommendations that Treasury further expand its efforts to monitor how CPP recipients are using program funds and more clearly articulate and communicate a strategic vision for the program. Addressing these and other recommendations would help ensure greater accountability and transparency and better enable Treasury to effectively manage TARP.

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Hillman, Richard J. , McCool, Thomas Joseph, 1947- , United States. Department of the Treasury. Office of Financial Stability , United States. Government Accountability Office and Brown, Orice Williams. Troubled Asset Relief Program : Status of Efforts to Address Transparency and Accountability Issues , Washington, D.C.: U.S. Govt. Accountability Office, January 30, 2009, https://fraser.stlouisfed.org/title/5041, accessed on April 16, 2024.

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ALTERNATE TITLES:

  • Status of Efforts to Address Transparency and Accountability Issues

NOTE: GAO-09-296.

PUBLISHER: U.S. Govt. Accountability Office

PLACE: Washington, D.C.

DIGITAL COPY SOURCE: U.S. Govt. Accountability Office

SUBJECTS: THEME: RELATED ITEM: CLASSIFICATION:
  • lcc: HC106.83 .U55 2009eb
  • sudocs: GA 1.13:GAO-09-296
IDENTIFIER:
  • oclc: 311625519
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