The Resource Troubled Asset Relief Program : June 2009 status of efforts to address transparency and accountability issues : report to congressional committees

Troubled Asset Relief Program : June 2009 status of efforts to address transparency and accountability issues : report to congressional committees

Label
Troubled Asset Relief Program : June 2009 status of efforts to address transparency and accountability issues : report to congressional committees
Title
Troubled Asset Relief Program
Title remainder
June 2009 status of efforts to address transparency and accountability issues : report to congressional committees
Title variation
June 2009 status of efforts to address transparency and accountability issues
Creator
Contributor
Subject
Language
eng
Summary
GAO's fifth report on the Troubled Asset Relief Program (TARP) follows up on prior recommendations. It also reviews (1) activities that had been initiated or completed under TARP as of June 12, 2009; (2) the Department of the Treasury's Office of Financial Stability's (OFS) hiring efforts and use of contractors; and (3) TARP performance indicators. To do this, GAO reviewed signed agreements and other relevant documentation and met with officials from OFS, contractors, and financial regulators. Treasury continued to operationalize its more recent programs, including the Capital Assistance Program (CAP). As part of this program, the Federal Reserve led the stress tests of the largest 19 U.S. bank holding companies, which revealed that about half needed to raise additional capital to keep them strongly capitalized and lending even if economic conditions worsen. Whether any of the institutions will have to participate in CAP has yet to be determined. While the Federal Reserve disclosed the stress test results, it has no plans to disclose information about the 19 institutions going forward. What information, if any, is disclosed will be left to the discretion of the affected institutions raising a number of concerns including potentially inconsistent or only selected information being disclosed. Moreover, the Federal Reserve had not developed a mechanism to share information with OFS about the ongoing condition of the 19 bank holding companies that continue to participate in TARP programs. According to Treasury, its Financial Stability Plan has provided a basis for its communication strategy. Treasury plans to more regularly communicate with congressional committees of jurisdiction about TARP. However, until this strategy is fully implemented, all congressional stakeholders will not be receiving information in a consistent or timely manner. A key component of the communication strategy is the new www.financialstability.gov Web site. While a goal of the new site is to provide the public with a more user friendly format, Treasury has not yet measured the public's satisfaction with the site. OFS has made progress in establishing its management infrastructure. Continued attention to hiring remains important because some offices within OFS, including the Office of the Chief Risk and Compliance Officer, continue to have a number of vacancies that will need to be filled as TARP programs are fully implemented. Treasury has also continued to build a network of contractors and financial agents to support TARP administration and operations. These contracts and agreements are key tools OFS has used to help develop and administer its TARP programs. Treasury has provided information to the public on procurement contracts and financial agency agreements, but has not included a breakdown of cost data by each entity. As a result, Treasury is missing an opportunity to provide additional transparency about TARP operations
Cataloging source
ESR
Government publication
federal national government publication
Illustrations
illustrations
Index
no index present
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
http://bibfra.me/vocab/lite/organizationName
United States
http://library.link/vocab/relatedWorkOrContributorDate
1947-
http://library.link/vocab/relatedWorkOrContributorName
  • Hillman, Richard J
  • McCool, Thomas Joseph
  • Williams, Orice M
http://library.link/vocab/subjectName
  • United States
  • Troubled Asset Relief Program (U.S.)
  • Economic assistance
  • Financial crises
  • Banks and banking
  • Debt financing (Corporations)
  • Bank failures
  • Bank loans
  • Economic stabilization
  • United States
Label
Troubled Asset Relief Program : June 2009 status of efforts to address transparency and accountability issues : report to congressional committees
Instantiates
Publication
Note
  • Title from title screen (GAO, viewed Mar. 2, 2009)
  • "GAO contacts, Richard J. Hillman, Thomas J. McCool, Orice Williams Brown"--P. 106
  • "June 2009."
  • "GAO-09-658."
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
mixed
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Dimensions
unknown
Extent
1 online resource (v, 108 pages)
Form of item
electronic
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other physical details
illustrations
Specific material designation
remote
Label
Troubled Asset Relief Program : June 2009 status of efforts to address transparency and accountability issues : report to congressional committees
Publication
Note
  • Title from title screen (GAO, viewed Mar. 2, 2009)
  • "GAO contacts, Richard J. Hillman, Thomas J. McCool, Orice Williams Brown"--P. 106
  • "June 2009."
  • "GAO-09-658."
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Color
mixed
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Dimensions
unknown
Extent
1 online resource (v, 108 pages)
Form of item
electronic
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other physical details
illustrations
Specific material designation
remote

Library Locations

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      3400 Chestnut Street, Philadelphia, Pennsylvania, 19104, US
      39.954941 -75.193362
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