The Resource Troubled Asset Relief Program : status of efforts to address transparency and accountability issues : testimony before the Subcommittee on Oversight, Committee on Ways and Means, House of Representatives, statement of Gene L. Dodaro

Troubled Asset Relief Program : status of efforts to address transparency and accountability issues : testimony before the Subcommittee on Oversight, Committee on Ways and Means, House of Representatives, statement of Gene L. Dodaro

Label
Troubled Asset Relief Program : status of efforts to address transparency and accountability issues : testimony before the Subcommittee on Oversight, Committee on Ways and Means, House of Representatives
Title
Troubled Asset Relief Program
Title remainder
status of efforts to address transparency and accountability issues : testimony before the Subcommittee on Oversight, Committee on Ways and Means, House of Representatives
Statement of responsibility
statement of Gene L. Dodaro
Title variation
Status of efforts to address transparency and accountability issues
Creator
Contributor
Subject
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 the program. We are also responsible for auditing OFS's annual financial statements and for producing special reports on any issues that emerge from our oversight. To carry out these oversight responsibilities, we have assembled interdisciplinary teams with a wide range of technical skills, including financial market and public policy analysts, accountants, lawyers, and economists who represent combined resources from across GAO. In addition, we are building on our in-house technical expertise with targeted new hires and experts. The act also created additional oversight entities--the Congressional Oversight Panel (COP) and the Special Inspector General for TARP (SIGTARP)--that also have reporting responsibilities. We are coordinating our work with COP and SIGTARP and are meeting with officials from both entities to share information and coordinate our oversight efforts. These meetings help to ensure that we are collaborating as appropriate and not duplicating efforts. 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.3 This statement also provides additional information on some recent program developments, including Treasury's new financial stability plan and, as you requested, provides some insights on our ongoing work on the implications of actions related to the financial crisis on federal debt management. Our oversight work under the act is ongoing, and our next report is due to be issued by March 31, 2009, as required. Specifically, this statement focuses on (1) the nature and purpose of activities that have been initiated under TARP; (2) the status of OFS's hiring efforts, use of contractors, and development of a system of internal control; (3) implications of TARP and other events on federal debt management, and (4) preliminary indicators of TARP's performance. To do this work, we reviewed documents related to TARP, including contracts, agreements, guidance, and rules. We also met with OFS, contractors, federal agencies, and officials from all eight of the first large institutions to receive disbursements. We plan to continue to monitor the issues highlighted in our prior reports, as well as future and ongoing capital purchases, other more recent transactions undertaken as part of TARP (for example, guarantees on assets of Citigroup and Bank of America), and the status of other aspects of TARP
Member of
Cataloging source
ESR
http://library.link/vocab/creatorName
Dodaro, Gene L
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-09-484T
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 Oversight, Committee on Ways and Means, House of Representatives, statement of Gene L. Dodaro
Instantiates
Publication
Note
  • Title from title screen (viewed on May 11, 2009)
  • "For release ... March 19, 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
19 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/d09484t.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 Oversight, Committee on Ways and Means, House of Representatives, statement of Gene L. Dodaro
Publication
Note
  • Title from title screen (viewed on May 11, 2009)
  • "For release ... March 19, 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
19 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/d09484t.pdf ; current access available via PURL

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