Title:

Troubled Asset Relief Program : Additional Actions Needed to Better Ensure Integrity, Accountability, and Transparency

Troubled Asset Relief Program : Additional Actions Needed to Better Ensure Integrity, Accountability, and Transparency

DATE: December 2, 2008

AUTHORS:

ABSTRACT: On October 3, 2008, the Emergency Economic Stabilization Act was signed into law. The act established the Office of Financial Stability (OFS) within the Department of the Treasury (Treasury) and authorized the Troubled Asset Relief Program (TARP). Every 60 days, the U.S. Comptroller General is required to report on a variety of areas associated with oversight of TARP. This report reviews (1) the activities that have been undertaken through TARP as of November 25, 2008; (2) the structure of OFS, its use of contractors, and its system of internal controls; and (3) preliminary indicators of TARP's performance. GAO reviewed documents related to TARP, including contracts, agreements, guidance, and rules. GAO also met with OFS, contractors, federal agencies, and officials from some participating institutions. GAO plans to continue to monitor these and other issues including future and ongoing capital purchases, other transactions undertaken as part of TARP (e.g., capital purchases in Citigroup and American International Group), and the status of other aspects of TARP. Treasury generally agreed with GAO's recommendations, but had a different perspective on the need to monitor how participating institutions are spending CPP funds. GAO believes that monitoring aggregate information across the participants would help ensure an appropriate level of transparency and accountability.

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United States. Department of the Treasury. Office of Financial Stability and United States. Government Accountability Office. Troubled Asset Relief Program : Additional Actions Needed to Better Ensure Integrity, Accountability, and Transparency , Washington, D.C.: U.S. Govt. Accountability Office, December 2, 2008, https://fraser.stlouisfed.org/title/5040, accessed on April 19, 2024.

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ALTERNATE TITLES:

  • Additional Actions Needed to Better Ensure Integrity, Accountability, and Transparency

NOTE: GAO-09-161.

PUBLISHER: U.S. Govt. Accountability Office

PLACE: Washington, D.C.

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

SUBJECTS: THEME: RELATED ITEM: CLASSIFICATION:
  • lcc: HG181 .U556 2008eb
  • sudocs: GA 1.13:GAO-09-161
IDENTIFIER:
  • oclc: 276997000
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