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®: CRE Regulatory Action of the Week

GAO Recommends that Treasury Improve TARP Transparency and Accountability
On February 5, 2009, Gene L. Dodaro, Acting Comptroller General of the United States, testified before the U.S. Senate regarding the Troubled Asset Relief Program. Mr. Dodaro's testimony on behalf of the U.S. Government Accountability Office recommended that the U.S. Department of the Treasury take additional actions to improve the transparency and accountability of the TARP. Specifically, Mr. Dodaro and GAO recommended that Treasury:
    "Expand the scope of planned monthly CPP surveys to include collecting at least some information from all institutions participating in the program.

    Ensure that future CPP [Capital Purchase Program] agreements include a mechanism that will better enable Treasury to track the use of the capital infusions and seek to obtain similar information from existing CPP participants.

    Establish a process to ensure compliance with all CPP requirements, including those associated with limitations on dividends and stock repurchase restrictions.

    Communicate a clearly articulated vision for TARP and how all individual programs are intended to work in concert to achieve that vision. This vision should incorporate actions to preserve homeownership. Once this vision is clearly articulated, document skills and competencies needed within Treasury."
  • Click here to read the GAO report accompanying Mr. Dodaro's testimony