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Special Inspector General forTroubled Asset Relief Program – Initial Report to the Congress

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“Pursuant to the Emergency Economic Stabilization Act of 2008, the Office of the Special Inspector General for the Troubled Asset Relief Program [SIGTARP] must report to Congress on its oversight activities and compile certain specified data and information about the operation of TARP. SIGTARP’s reports to Congress are due 60 days after confirmation of the Special Inspector General and quarterly thereafter…SIGTARP’s mission is to advance economic stability by promoting the efficiency and effectiveness of TARP management, through transparency, through coordinated oversight, and through robust enforcement against those, whether inside or outside of government, who waste, steal or abuse TARP funds.”

  • 2/6/2009 – Initial Report to the Congress: “The Troubled Asset Relief Program (“TARP”) represents a massive and unprecedented investment of taxpayer money designed to stabilize the fi nancial industry and promote economic recovery. The long-term success of the program is not assured. Success — or failure — will depend on whether the Department of the Treasury (“Treasury”) has spent, and will spend in the future, that massive investment wisely and efficiently to attain the program’s goals. While it is too early to draw any conclusions on that ultimate issue, this assessment must necessarily begin with an understanding of what Treasury has done thus far.”
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