TARP in the crosshairs : accountability in the Troubled Asset Relief Program / Paul W. O'Byrne, editor.

Format:

Book

Contributor:

O'Byrne, Paul W.

Series:

Economic issues, problems and perspectives series

Language:

English

Subjects (All):

United States. Emergency Economic Stabilization Act of 2008.

United States.

Troubled Asset Relief Program (U.S.).

Financial institutions--Law and legislation--United States.

Financial institutions.

Banks and banking--State supervision--United States.

Banks and banking.

Bank failures--Government policy--United States.

Bank failures.

Economic stabilization--United States.

Economic stabilization.

Financial crises--United States.

Financial crises.

United States--Economic policy--2001-2009.

Physical Description:

1 online resource (394 p.)

Edition:

1st ed.

Other Title:

Troubled Asset Relief Program in the crosshairs

Place of Publication:

New York : Nova Science Publishers, c2009.

Language Note:

English

Summary:

This book focuses on TARP, the Troubled Asset Relief Program that was signed into law under the Emergency Economic Stabilization Act on October 3, 2008. The act established the Office of Financial Stability (OFS) within the Department of the Treasury and authorized the Troubled Asset Relief Program (TARP). Among other things, the act provides Treasury with broad, flexible authorities to buy or guarantee up to $700 billion in "troubled assets," which include mortgages and mortgage-related instruments, and any other financial instrument whose purchase Treasury determines is needed to stabilize the financial markets. The act also created a number of mechanisms to oversee the implementation and operations of TARP. The U.S. Comptroller General is required to report at least every 60 days on findings resulting from oversight of TARP's performance in meeting the purposes of the act; the financial condition and internal controls of TARP, its representatives, and agents; TARP's efficiency in using the funds appropriated for the programs' operation; TARP's compliance with applicable laws and regulations and minimizing conflicts of interest of those involved in TARP's operations and the efficacy of contracting procedures.

Contents:

Intro

TARP IN THE CROSSHAIRS: ACCOUNTABILITY IN THE TROUBLED ASSET RELIEF PROGRAM

CONTENTS

PREFACE

ACCOUNTABILITY FOR THE TROUBLED ASSET RELIEF PROGRAM

EXECUTIVE SUMMARY

INTRODUCTION

TREASURY DEPARTMENT UPDATES SINCE PRIOR REPORT

QUESTIONS ABOUT THE 700 BILLION: DISCUSSION OF TREASURY'S RESPONSES

1. What Is Treasury's Strategy?

2. Is the Strategy Working to Stabilize Markets?

3. Is the Strategy Helping to Reduce Foreclosures?

4. What Have Financial Institutions Done with the Taxpayers' Money Received so Far?

5. Is the Public Receiving a Fair Deal?

6. What Is Treasury Doing to Help the American Family?

7. Is Treasury Imposing Reforms on Financial Institutions that Are Taking Taxpayer Money?

8. How Is Treasury Deciding which Institutions Receive the Money?

9. What Is the Scope of Treasury's Statutory Authority?

10. Is Treasury Looking Ahead?

OVERSIGHT ACTIVITIES

TREASURY DEPARTMENT RESPONSE GRID

Report on Field Hearing in Clark County, Nevada

FUTURE OVERSIGHT ACTIVITIES

Public Hearings

Upcoming Reports

Public Participation and Comment Process

ABOUT THE CONGRESSIONAL OVERSIGHT PANEL

ALTERNATIVE VIEWS

Sen. John E. Sununu

APPENDIX I: LETTER FROM CONGRESSIONAL OVERSIGHT PANEL CHAIR ELIZABETH WARREN TO TREASURY SECRETARY MR. HENRY M. PAULSON, JR., DATED DECEMBER 17, 2008

APPENDIX II: TREASURY DEPARTMENT RESPONSES TO QUESTIONS OF THE FIRST REPORT OF THE CONGRESSIONAL OVERSIGHT PANEL, DATED DECEMBER 30, 2008

REFERENCES

FINANCIAL STABILITY PLAN

1. Financial Stability Trust

2. Public-Private Investment Fund

3. Consumer &amp

Business Lending Initiative - Up to 1 Trillion

4. New Era of Transparency, Accountability, Monitoring and Conditions.

5. Housing Support and Foreclosure Prevention

6. Small Business and Community Lending Initiative

TESTIMONY OF DEAN BAKER, BEFORE THE HOUSE FINANCIAL INSTITUTIONS SUBCOMMITTEE OF THE FINANCIAL SERVICES COMMITTEE, MARCH 4, 2009

THE INSOLVENCY OF THE MAJOR BANKS

THE CREDIT SQUEEZE AND THE ECONOMY

RESTRUCTURING THE NATION'S BANKING SYSTEM

TESTIMONY OF MR. C. R. CLOUTIER, PRESIDENT AND CEO, MIDSOUTH BANK, NA, ON BEHALF OF THE INDEPENDENT COMMUNITY BANKERS OF AMERICA, BEFORE THE CONGRESS OF THE UNITED STATES, HOUSE OF REPRESENTATIVES SUBCOMMITTEE ON FINANCIAL INSTITUTIONS AND CONSUMER CREDIT COMMITTEE ON FINANCIAL SERVICES, HEARING ON "TARP OVERSIGHT: IS TARP WORKING FOR MAIN STREET?", MARCH 4, 2009, WASHINGTON, DC

COMMUNITY BANKS AND THE CAPITAL PURCHASE PROGRAM

MIDSOUTH PARTICIPATES IN THE CPP

MIDSOUTH PROMOTES AVAILABILITY OF FUNDS

PUBLIC RESPONSE TO OUTREACH EFFORTS

MUTUAL TERM SHEET

MIDSOUTH KEEPING OPTIONS OPEN ON CPP

CONCLUSION

TESTIMONY OF ROBERT W. DAVENPORT, PRESIDENT OF THE NATIONAL DEVELOPMENT COUNCIL, BEFORE THE HOUSE FINANCIAL SERVICES SUBCOMMITTEE ON FINANCIAL INSTITUTIONS AND CONSUMER CREDIT, MARCH 4, 2009

BACKGROUND ON NDC

HISTORY OF BUSINESS LENDING

AN NDC LENDING MODEL

How Bank Pullback has Affected Our Lending

RECOMMENDATIONS

TESTIMONY BY BERT ELY, HOUSE FINANCIAL INSTITUTIONS SUBCOMMITTEE, TARP OVERSIGHT: IS TARP WORKING FOR MAIN STREET?, MARCH 4, 2009

RESPONSES TO QUESTIONS POSED IN THE SUBCOMMITTEE'S LETTER OF INVITATION

BANKS DON'T NEED TO BE FORCED TO LEND

The Last Thing We Need Is Congress Setting Business Models

DON'T PUSH BANKS TO MAKE BAD LOANS

Contrary to Myth, Commercial Bank Lending Is up. So Are Standards

BIOGRAPHICAL SKETCH FOR BERT ELY.

TESTIMONY OF DAVID S. SCHARFSTEIN, PROFESSOR OF FINANCE, HARVARD BUSINESS SCHOOL ON TARP OVERSIGHT: IS TARP WORKING FOR MAIN STREET? BEFORE THE SUBCOMMITTEE ON FINANCIAL INSTITUTIONS AND CONSUMER CREDIT, COMMITTEE ON FINANCIAL SERVICES, UNITED STATES HOUSE OF REPRESENTATIVES

I. BANK LENDING DURING THE FINANCIAL CRISIS

A. Small Business Lending

B. Large Business Lending

II. THE ALLOCATION OF TARP FUNDS AND MEASURING THEIR EFFECT ON LENDING

A. Allocation of TARP Funds

B. Measuring the Effect of TARP on Bank Lending

III. INCREASING THE SUPPLY OF CREDIT TO SMALL FIRMS

STATEMENT OF JOSEPH ZUCCHERO, TO THE U.S. HOUSE OF REPRESENTATIVES, SUBCOMMITTEE ON FINANCIAL INSTITUTIONS AND CONSUMER CREDIT

SECRETARY TIMOTHY F. GEITHNER, OPENING STATEMENT, SENATE BANKING COMMITTEE HEARING, FEBRUARY 10, 2009

TESTIMONY OF LLOYD C. BLANKFEIN, CHAIRMAN AND CEO, THE GOLDMAN SACHS GROUP, INC. HOUSE COMMITTEE ON FINANCIAL SERVICES, FEBRUARY 11, 2009

THE TARP CAPITAL PURCHASE PROGRAM AND OUR ROLE IN THE CAPITAL MARKETS

DO NOT DESTROY THE ESSENTIAL CATALYST OF RISK

TESTIMONY OF JAMIE DIMON, CHAIRMAN &amp

CEO, JPMORGAN CHASE &amp

CO. HOUSE FINANCIAL SERVICES COMMITTEE, FEBRUARY 11, 2009

LENDING TO CONSUMERS, BUSINESSES AND GOVERNMENTS

KEEPING FAMILIES IN THEIR HOMES

COMPENSATION POLICIES ALIGNED WITH LONG-TERM PERFORMANCE

STATE OF THE FINANCIAL INDUSTRY

OPENING STATEMENT OF CONGRESSMAN PAUL E. KANJORSKI, COMMITTEE ON FINANCIAL SERVICES, HEARING ON TARP ACCOUNTABILITY: USE OF FEDERAL ASSISTANCE BY THE FIRST TARP RECIPIENTS, FEBRUARY 11, 2009

STATEMENT OF ROBERT P. KELLY, CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF THE BANK OF NEW YORK MELLON, BEFORE THE HOUSE FINANCIAL SERVICES COMMITTEE, FEBRUARY 11, 2009.

TESTIMONY OF KENNETH D. LEWIS, CHAIRMAN AND CHIEF EXECUTIVE OFFICER, BANK OF AMERICA, BEFORE THE COMMITTEE ON FINANCIAL SERVICES, U.S. HOUSE OF REPRESENTATIVES, WASHINGTON, DC, FEBRUARY 11, 2009

STATEMENT OF RONALD E. LOGUE, CHAIRMAN AND CHIEF EXECUTIVE OFFICER, STATE STREET CORPORATION, BEFORE THE HOUSE FINANCIAL SERVICES COMMITTEE, UNITED STATES HOUSE OF REPRESENTATIVES, FEBRUARY 11, 2009, HEARING ON "TARP ACCOUNTABILITY: USE OF FEDERAL ASSISTANCE BY THE FIRST TARP RECIPIENTS"

STATE STREET'S ROLE IN THE FINANCIAL SYSTEM

OUR UNDERSTANDING OF THE PURPOSE OF CPP INVESTMENT

STATE STREET'S USE OF THE CPP INVESTMENT

ACCOUNTABILITY AND TRANSPARENCY

EXECUTIVE COMPENSATION

TESTIMONY OF JOHN J. MACK, CHAIRMAN AND CHIEF EXECUTIVE OFFICER, MORGAN STANLEY, BEFORE THE UNITED STATES HOUSE OF REPRESENTATIVES, COMMITTEE ON FINANCIAL SERVICES, FEBRUARY 11, 2009

TESTIMONY OF VIKRAM PANDIT, CHIEF EXECUTIVE OFFICER, CITIGROUP, HOUSE FINANCIAL SERVICES COMMITTEE, UNITED STATES HOUSE OF REPRESENTATIVES, WASHINGTON, D.C., FEBRUARY 11, 2009

ADDENDUM

WHAT CITI IS DOING TO EXPAND THE FLOW OF CREDIT, SUPPORT HOMEOWNERS AND HELP THE U.S. ECONOMY

I. TARP PROGRAM ACTIVITIES

A. Putting TARP Capital to Work

1. U.S. Residential Mortgage Activities - 25.7 Billion

2. Business and Personal Loans - 2.5 Billion

3. Student Loans - 1.0 Billion

4. Credit Card Lending - 5.8 Billion

5. Corporate Loan Activity - 1.5 Billion

B. Our TARP Guidelines

Permitted Uses

Prohibited Uses

C. Primary Lending and Secondary Markets

Primary Lending

Secondary Markets

II. LENDING ACTIVITY

A. New Lending in the Fourth Quarter of 2008

LENDING TO BUSINESSES AND CORPORATIONS

B. The Lending Environment

III. HELP FOR HOMEOWNERS AND OTHER BORROWERS

A. Helping Homeowners

B. Support for Credit Card Holders.

IV. CITI IN THE COMMUNITY

A. Citi Office of Homeownership Preservation (OHP)

B. Partnerships in the Community

V. COMPENSATION AND GOVERNANCE

A. Executive Compensation

B. Corporate Governance

VI. SECTION VI - OUR STRATEGY

A. Citi's New Structure

VII. SECTION VII - APPENDIX

A. Special TARP Committee Guidelines

PRINCIPLES

I. Permitted Investments

II. Prohibited Uses

PROCEDURES

APPENDIX A

B. Tarp Investments by U.S. Treasury

C. VII - Loss Sharing Program

D. Mortgage Mitigation Terms Explained

E. Useful Links

OPENING STATEMENT OF CONGRESSMAN ED PERLMUTTER, TARP ACCOUNTABILITY: USE OF FEDERAL ASSISTANCE BY THE FIRST TARP RECIPIENTS", FEBRUARY 11, 2009

OPENING STATEMENT OF CONGRESSMAN GARY C. PETERS, FEBRUARY 10, 2009, FINANCIAL SERVICES COMMITTEE HEARING TARP ACCOUNTABILITY: USE OF FEDERAL ASSISTANCE BY THE FIRST TARP RECIPIENTS

TESTIMONY OF JOHN STUMPF, PRESIDENT &amp

CEO, WELLS FARGO &amp

COMPANY, HOUSE FINANCIAL SERVICES COMMITTEE, FEBRUARY 11, 2009

OPENING STATEMENT OF CHAIRMAN CHRISTOPHER J. DODD, "PULLING BACK THE TARP: OVERSIGHT OF THE FINANCIAL RESCUE PROGRAM"

TESTIMONY OF ELIZABETH WARREN, CONGRESSIONAL OVERSIGHT PANEL, SENATE BANKING COMMITTEE, HEARING ON "PULLING BACK THE TARP: OVERSIGHT OF THE FINANCIAL RESCUE PROGRAM", FEBRUARY 5, 2009

FEBRUARY OVERSIGHT REPORT: VALUING TREASURY'S ACQUISITIONS

VALUING TARP ACQUISITIONS

APPENDIX I: LETTER FROM MR. LAWRENCE SUMMERS TO CONGRESSIONAL LEADERSHIP, DATED JANUARY 15, 2009.

APPENDIX II: LETTER FROM CONGRESSIONAL OVERSIGHT PANEL CHAIR ELIZABETH WARREN TO TREASURY SECRETARY MR. TIMOTHY GEITHNER, DATED JANUARY 28, 2008.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Includes bibliographical references and index.

ISBN:

1-60876-705-1

OCLC:

694362929