rdf-syntax-grammar
mods:
  schema location: http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd
  title info:
    title: Troubled Asset Relief Program
    sub title: status of efforts to address transparency and accountability issues : testimony before the Subcommittee on Domestic Policy, Committee on Oversight and Government Reform, House of Representatives
  title info:
    title: Status of efforts to address transparency and accountability issues
  name:
    name part: Hillman, Richard J.
    role:
      role term: creator
  name:
    name part: United States
    name part: Congress.
    name part: House.
    name part: Committee on Oversight and Government Reform.
    name part: Subcommittee on Domestic Policy.
  name:
    name part: United States
    name part: Government Accountability Office.
  type of resource: text
  genre: bibliography
  origin info:
    place:
      place term: dcu
    date issued: 2009
    issuance: monographic
  language:
    language term: eng
  physical description:
    form: electronic
    form: remote
    extent: 13 pages : digital, PDF file.
  abstract: This testimony discusses our work on the Troubled Asset Relief Program (TARP), under which the Department of the Treasury (Treasury) has the authority to purchase and insure up to $700 billion in troubled assets held by financial institutions through its Office of Financial Stability (OFS). As Congress may know, 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 the actions taken under TARP. This testimony is based primarily on our January 30, 2009 report, the second under the act's mandate, which covers the actions taken as part of TARP through January 23, 2009, and follows up on the nine recommendations we made in our December 2, 2008 report. This testimony also provides additional information on some recent developments related to TARP, including Treasury's new financial stability plan. Treasury has made progress in establishing a management structure for TARP, including adopting a framework for developing and implementing its system of internal control for TARP activities that is consistent with our recommendation. However, as of our January report, OFS had yet to implement a disciplined risk-assessment process. Treasury has taken steps to help ensure a smooth transition to a new administration by keeping positions filled and using an expedited hiring process. However, it continues to face difficulty providing competitive salaries to attract skilled employees. Also, given the TARP's evolving nature and the changes under the new administration, Treasury needs to identify OFS's long-term organizational needs. Additionally, consistent with our recommendation on contracting oversight, Treasury has enhanced such oversight by tracking costs, schedules, and …
  note: statement of Richard J. Hillman.
  note: Title from title screen (viewed on May 11, 2009).
  note: "For release ... March 11, 2009."
  note: Electronic resource.
  note: Mode of access: Internet from GAO web site. Address as of 5/11/09: http://www.gao.gov/new.items/d09474t.pdf ; current access available via PURL.
  note: Includes bibliographical references.
  subject:
    geographic code: n-us---
  subject:
    name:
      name part: United States.
      name part: Department of the Treasury.
      name part: Office of Financial Stability
    topic: Management
  subject:
    name:
      name part: Troubled Asset Relief Program (U.S.)
  subject:
    topic: Economic assistance
  subject:
    topic: Financial crises
    geographic: United States
  subject:
    topic: Banks and banking
    topic: State supervision
    geographic: United States
  subject:
    topic: Debt financing (Corporations)
    geographic: United States
  subject:
    topic: Bank failures
    geographic: United States
  subject:
    topic: Bank loans
  subject:
    topic: Economic stabilization
    geographic: United States
  subject:
    geographic: United States
    topic: Economic policy
    temporal: 2001-2009
  classification: GA 1.5/2:GAO-09-474 T
  related item:
    title info:
      title: Testimony ; GAO-09-474T
  identifier: https://purl.fdlp.gov/GPO/LPS113151
  record info:
    record content source: ESR
    record creation date: 090511
    record change date: 20211202191725.0
    record identifier: in00002461758