Troubled Asset Relief Program: Status of Programs and Implementation of GAO Recommendations

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Testimony issued by the Government Accountability Office with an abstract that begins "This testimony discusses our work on the Troubled Asset Relief Program (TARP), which Congress established on October 3, 2008, in response to the financial crisis that threatened the stability of the U.S. financial system and the solvency of many financial institutions. Under the original TARP legislation, the Department of the Treasury (Treasury) had the authority to purchase or insure $700 billion in troubled assets held by financial institutions. The Secretary of the Treasury extended the authority originally provided under EESA through October 3, 2010. However, the Dodd-Frank Wall ... continued below

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United States. Government Accountability Office. March 17, 2011.

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Testimony issued by the Government Accountability Office with an abstract that begins "This testimony discusses our work on the Troubled Asset Relief Program (TARP), which Congress established on October 3, 2008, in response to the financial crisis that threatened the stability of the U.S. financial system and the solvency of many financial institutions. Under the original TARP legislation, the Department of the Treasury (Treasury) had the authority to purchase or insure $700 billion in troubled assets held by financial institutions. The Secretary of the Treasury extended the authority originally provided under EESA through October 3, 2010. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act)--signed into law on July 21, 2010--set a new spending ceiling for TARP, in effect prohibiting Treasury from incurring any additional obligations for programs that had not been initiated prior to June 25, 2010. A broad range of activities have been initiated under TARP. Specific initiatives have injected capital into key financial institutions; implemented programs to address problems in the securitization markets; provided assistance to the automobile industry and American International Group, Inc. (AIG); and offered incentives for modifying residential mortgages, among other things. As TARP passes the 30-month mark, U.S. financial markets appear to be less volatile than they were in 2008. But questions about a sustained economic recovery continue, and certain areas of the economy still face significant challenges. For example, foreclosures and mortgage delinquencies continue to linger and small businesses still face tight credit conditions. As a result, TARP has been transformed into a program that focuses primarily on preserving homeownership and improving financial conditions for small financial institutions and businesses. While many other programs have ended and begun winding down operations and some participating institutions have repaid part or all of their TARP funds, the prospect of repayment from some other institutions, both large and small, remains uncertain. This statement is primarily based on our January 12, 2011, report and focuses on (1) the status of TARP programs; (2) Treasury's progress in implementing an effective management structure for TARP, including staffing the Office of Financial Stability (OFS), overseeing contractors, and establishing a comprehensive system of internal controls; and (3) trends in key relevant economic indicators."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • March 17, 2011

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  • June 11, 2014, 5:03 a.m.

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United States. Government Accountability Office. Troubled Asset Relief Program: Status of Programs and Implementation of GAO Recommendations, text, March 17, 2011; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc292924/: accessed September 23, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.