The Resource Troubled Asset Relief Program : status of efforts to address transparency and accountability issues : testimony before the Subcommittee on Domestic Policy, Committee on Oversight and Government Reform, House of Representatives, statement of Richard J. Hillman
Troubled Asset Relief Program : status of efforts to address transparency and accountability issues : testimony before the Subcommittee on Domestic Policy, Committee on Oversight and Government Reform, House of Representatives, statement of Richard J. Hillman
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The item Troubled Asset Relief Program : status of efforts to address transparency and accountability issues : testimony before the Subcommittee on Domestic Policy, Committee on Oversight and Government Reform, House of Representatives, statement of Richard J. Hillman represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in Biddle Law Library- University of Pennsylvania Law School.This item is available to borrow from 1 library branch.
Resource Information
The item Troubled Asset Relief Program : status of efforts to address transparency and accountability issues : testimony before the Subcommittee on Domestic Policy, Committee on Oversight and Government Reform, House of Representatives, statement of Richard J. Hillman represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in Biddle Law Library- University of Pennsylvania Law School.
This item is available to borrow from 1 library branch.
- Summary
- This testimony discusses our work on the Troubled Asset Relief Program (TARP), under which the Department of the Treasury (Treasury) has the authority to purchase and insure up to $700 billion in troubled assets held by financial institutions through its Office of Financial Stability (OFS). As Congress may know, 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 (the act) that authorized TARP on October 3, 2008, requires GAO to report at least every 60 days on findings resulting from our oversight of the actions taken under TARP. This testimony is based primarily on our January 30, 2009 report, the second under the act's mandate, which covers the actions taken as part of TARP through January 23, 2009, and follows up on the nine recommendations we made in our December 2, 2008 report. This testimony also provides additional information on some recent developments related to TARP, including Treasury's new financial stability plan. Treasury has made progress in establishing a management structure for TARP, including adopting a framework for developing and implementing its system of internal control for TARP activities that is consistent with our recommendation. However, as of our January report, OFS had yet to implement a disciplined risk-assessment process. Treasury has taken steps to help ensure a smooth transition to a new administration by keeping positions filled and using an expedited hiring process. However, it continues to face difficulty providing competitive salaries to attract skilled employees. Also, given the TARP's evolving nature and the changes under the new administration, Treasury needs to identify OFS's long-term organizational needs. Additionally, consistent with our recommendation on contracting oversight, Treasury has enhanced such oversight by tracking costs, schedules, and performance and addressing the training requirements of personnel who oversee the contracts. However, as we previously recommended, Treasury needs to continue to identify and mitigate conflicts of interest in contracting
- Language
- eng
- Extent
- 13 pages
- Note
-
- Title from title screen (viewed on May 11, 2009)
- "For release ... March 11, 2009."
- Label
- Troubled Asset Relief Program : status of efforts to address transparency and accountability issues : testimony before the Subcommittee on Domestic Policy, Committee on Oversight and Government Reform, House of Representatives
- Title
- Troubled Asset Relief Program
- Title remainder
- status of efforts to address transparency and accountability issues : testimony before the Subcommittee on Domestic Policy, Committee on Oversight and Government Reform, House of Representatives
- Statement of responsibility
- statement of Richard J. Hillman
- Title variation
- Status of efforts to address transparency and accountability issues
- Subject
-
- Bank loans
- Banks and banking -- State supervision -- United States
- Debt financing (Corporations) -- United States
- Economic assistance
- Economic stabilization -- United States
- Financial crises -- United States
- Troubled Asset Relief Program (U.S.)
- United States -- Economic policy -- 2001-2009
- United States, Department of the Treasury | Office of Financial Stability -- Management
- Bank failures -- United States
- Language
- eng
- Summary
- This testimony discusses our work on the Troubled Asset Relief Program (TARP), under which the Department of the Treasury (Treasury) has the authority to purchase and insure up to $700 billion in troubled assets held by financial institutions through its Office of Financial Stability (OFS). As Congress may know, 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 (the act) that authorized TARP on October 3, 2008, requires GAO to report at least every 60 days on findings resulting from our oversight of the actions taken under TARP. This testimony is based primarily on our January 30, 2009 report, the second under the act's mandate, which covers the actions taken as part of TARP through January 23, 2009, and follows up on the nine recommendations we made in our December 2, 2008 report. This testimony also provides additional information on some recent developments related to TARP, including Treasury's new financial stability plan. Treasury has made progress in establishing a management structure for TARP, including adopting a framework for developing and implementing its system of internal control for TARP activities that is consistent with our recommendation. However, as of our January report, OFS had yet to implement a disciplined risk-assessment process. Treasury has taken steps to help ensure a smooth transition to a new administration by keeping positions filled and using an expedited hiring process. However, it continues to face difficulty providing competitive salaries to attract skilled employees. Also, given the TARP's evolving nature and the changes under the new administration, Treasury needs to identify OFS's long-term organizational needs. Additionally, consistent with our recommendation on contracting oversight, Treasury has enhanced such oversight by tracking costs, schedules, and performance and addressing the training requirements of personnel who oversee the contracts. However, as we previously recommended, Treasury needs to continue to identify and mitigate conflicts of interest in contracting
- Cataloging source
- ESR
- http://library.link/vocab/creatorName
- Hillman, Richard J
- Government publication
- federal national government publication
- Index
- no index present
- Literary form
- non fiction
- Nature of contents
-
- dictionaries
- bibliography
- http://library.link/vocab/relatedWorkOrContributorName
-
- United States
- United States
- Series statement
- Testimony
- Series volume
- GAO-09-474T
- 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 : status of efforts to address transparency and accountability issues : testimony before the Subcommittee on Domestic Policy, Committee on Oversight and Government Reform, House of Representatives, statement of Richard J. Hillman
- Note
-
- Title from title screen (viewed on May 11, 2009)
- "For release ... March 11, 2009."
- 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
- 13 pages
- Form of item
- electronic
- Media category
- computer
- Media MARC source
- rdamedia
- Media type code
-
- c
- Other physical details
- digital, PDF file.
- Specific material designation
- remote
- System details
- Mode of access: Internet from GAO web site. Address as of 5/11/09: http://www.gao.gov/new.items/d09474t.pdf ; current access available via PURL
- Label
- Troubled Asset Relief Program : status of efforts to address transparency and accountability issues : testimony before the Subcommittee on Domestic Policy, Committee on Oversight and Government Reform, House of Representatives, statement of Richard J. Hillman
- Note
-
- Title from title screen (viewed on May 11, 2009)
- "For release ... March 11, 2009."
- 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
- 13 pages
- Form of item
- electronic
- Media category
- computer
- Media MARC source
- rdamedia
- Media type code
-
- c
- Other physical details
- digital, PDF file.
- Specific material designation
- remote
- System details
- Mode of access: Internet from GAO web site. Address as of 5/11/09: http://www.gao.gov/new.items/d09474t.pdf ; current access available via PURL
Subject
- Bank loans
- Banks and banking -- State supervision -- United States
- Debt financing (Corporations) -- United States
- Economic assistance
- Economic stabilization -- United States
- Financial crises -- United States
- Troubled Asset Relief Program (U.S.)
- United States -- Economic policy -- 2001-2009
- United States, Department of the Treasury | Office of Financial Stability -- Management
- Bank failures -- United States
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.law.upenn.edu/portal/Troubled-Asset-Relief-Program--status-of-efforts/TphE1t8apAo/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.law.upenn.edu/portal/Troubled-Asset-Relief-Program--status-of-efforts/TphE1t8apAo/">Troubled Asset Relief Program : status of efforts to address transparency and accountability issues : testimony before the Subcommittee on Domestic Policy, Committee on Oversight and Government Reform, House of Representatives, statement of Richard J. Hillman</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.law.upenn.edu/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.law.upenn.edu/">Biddle Law Library- University of Pennsylvania Law School</a></span></span></span></span></div>
