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Troubled Asset Relief Program: Status of Efforts to Address Transparency and Accountability Issues: Testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate
Troubled Asset Relief Program: Status of Efforts t

Our Price: $10.00
By Gene L. Dodaro (au)
Year: 2009
Pages: 13
Binding Paperback

Product Code: 1437913962

Statement of Gene L. Dodaro, Acting Comptroller Gen. of the U.S. This testimony discusses GAO's work on the Troubled Asset Relief Program (TARP), under which the Dept. of the Treasury has the authority to purchase and insure up to $700 billion in troubled assets held by financial institutions through the Office of Financial Stability (OFS). Treasury was granted this authority in response to the financial crisis that has threatened the stability of the U.S. banking system and the solvency of numerous financial institutions. The Emergency Economic Stabilization Act that authorized TARP on Oct. 3, 2008, requires GAO to report at least every 60 days on findings resulting from their oversight of the status of actions taken under the program. This testimony is based on GAO’s Jan. 30, 2009, report, which is the second under the act's mandate, covers the actions taken as part of TARP through Jan. 23, 2009, and follows up on the 9 recommendations GAO made in their Dec. 2008 report. GAO’s oversight work under the act is ongoing, and their next report will be issued by March 31, 2009. Like the report, this testimony focuses on (1) the nature and purpose of activities that have been initiated under TARP as of Jan. 23, 2009; (2) the status of the transition to the new admin. at OFS and its hiring efforts, use of contractors, and devt. of a system of internal control; and (3) preliminary indicators of TARP's performance. Illus.

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