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Troubled Asset Relief Program: Status of Efforts to Address Transparency and Accountability Issues: Testimony Before the Subcommittee on Oversight and Investigations, Committee on Financial Services, U.S. House of Representatives
Thomas J. McCool (au)
Statement of Thomas J. McCool, Dir., Center for Economics, Applied Research and Methods, GAO, reviewing GAOís work on the Troubled Asset Relief Program (TARP), under which the Dept. of the Treasury (Treasury), through the Office of Financial Stability (OFS), has the authority to purchase and insure almost $700 billion in troubled assets held by financial institutions. 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 statement is based on GAOís 5th mandated report, issued on June 17, 2009, which follows up on the previous recommendations and covers the actions taken as part of TARP through June 12, 2009. Specifically, this statement focuses on (1) the nature and purpose of activities that have been initiated under TARP, including repurchases of preferred shares and warrants; (2) Treasuryís efforts to establish a management structure for TARP; and (3) outcomes measured by indicators of TARPís performance. Tables.
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