Troubled Asset Relief Program: Status of Efforts to Address Transparency and Accountability Issues, Statement of Gene L. Dodaro, Acting Comptroller General of the United States, Testimony Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, September 24, 2009   [open pdf - 173KB]

From Dodaro's statement: "I am pleased to be here today to discuss our work on the Troubled Asset Relief Program (TARP), under which the Department of the Treasury (Treasury), through the Office of Financial Stability (OFS), has the authority to purchase or insure almost $700 billion in troubled assets held by financial institutions.1 As you know, about 1 year ago, 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 actions taken under the program.2 Our statement today draws on the 7 reports we have issued to date under this mandate and on ongoing work.3 Our next report, planned to be issued early next month, will include a detailed progress report of TARP programs and activities over the past year."

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