Troubled Asset Relief Program : status of efforts to address transparency and accountability issues : report to congressional committees / Richard J. Hillman, Thomas Joseph McCool, Orice M. Williams.

Format:

Book

Author/Creator:

Hillman, Richard J., author.

McCool, Thomas Joseph, 1947- author.

Williams, Orice M., author.

Language:

English

Subjects (All):

Bank failures--United States.

Bank failures.

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

Banks and banking.

Debt financing (Corporations).

Physical Description:

1 online resource (iii, 105 pages)

Other Title:

Troubled Asset Relief Program

Place of Publication:

Washington, D.C. : U.S. Govt. Accountability Office, 2009.

Summary:

This is the second GAO report on the Troubled Asset Relief Program (TARP). It follows up on the nine recommendations from the December 2, 2008, report (GAO-09-161). It also reviews (1) the nature and purpose of activities that had been initiated under TARP as of January 23, 2009; (2) Treasury's Office of Financial Stability (OFS) hiring and transition efforts, use of contractors, and progress in developing a system of internal control; and (3) preliminary indicators of TARP's performance. To do this work, GAO reviewed signed agreements and other relevant documentation and met with officials from OFS, contractors, federal agencies, and some participating institutions. Treasury has taken important steps to implement all nine previous recommendations, but has yet to fully address eight. This report includes recommendations that Treasury further expand its efforts to monitor how CPP recipients are using program funds and more clearly articulate and communicate a strategic vision for the program. Addressing these and other recommendations would help ensure greater accountability and transparency and better enable Treasury to effectively manage TARP.

Notes:

Description based on publisher supplied metadata and other sources.