The GAO conducts “ongoing oversight” of the TARP’s “activities and performance.” In evaluating the TARP’s performance, the GAO monitors foreclosure minimization, cost reduction and whether the program provides stability or prevents market “disruption.” The GAO may also research the efficiency of Treasury programs enacted under the TARP in addition to the statute itself. The GAO also determines whether programs protect taxpayers.
Furthermore, the GAO performs rigid oversight of the characteristics of transactions and independent contracts made by the Treasury.
Most importantly, the GAO monitors compliance with the TARP statute and other applicable laws.
The GAO represents the only oversight body that the Secretary of Treasury must account to.
In a statement released Oct. 14, 2008, the GAO stated it will contract financial and policy analysts, accountants, economists and lawyers.
REPORTS: every 60 days s. 116(a)(3)
Annual audit s. 116(b)(1)
Special reports “as warranted” s. 116(a)(3)
SHARING: COP s. 116(c)(2)(B)
“The act also provides a prominent role for GAO in the oversight of the TARP. Specifically, GAO is tasked with performing oversight of a wide range of issues, including TARP’s performance in meeting the purposes of the act; the financial condition and internal controls of TARP; the characteristics of both asset purchases and the disposition of assets acquired, including any related commitments that are entered into; TARP’s efficiency in using the funds appropriated for the program’s operation; TARP’s compliance with applicable laws and regulations; efforts to prevent, identify, and minimize conflicts of interest related to TARP’s operations; and the efficacy of contracting procedures. GAO is responsible for submitting reports to Congress at least every 60 days regarding findings in these areas. GAO is also responsible for auditing the office’s annual financial statements, issuing a report on leveraging and deleveraging, and issuing special reports that emerge from GAO’s oversight.” – GAO website
10/14/08 – Acting Comptroller General’s Statement on GAO’s Role Under the Emergency Economic Stabilization Act
Full Report (PDF)
A report to the COP special hearing on regulations – “A Framework for Crafting and Assessing Proposals to Modernize the Outdated U.S. Financial Regulatory System.”