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Report
This first report to Congress of the Special Inspector General for the Troubled Asset Relief Program was prepared as "a ready reference on what TARP is and how it has been used, at least for the first $350 billion authorized as of January 23, 2009."
The executive summary states,
"The Troubled Asset Relief Program (“TARP”) represents a massive and unprecedented
investment of taxpayer money designed to stabilize the financial 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 effi ciently 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.
This Report is organized as follows:
• Section 1 describes the activities of the Offi ce of the Special Inspector General
for the Troubled Asset Relief Program (“SIGTARP”) since its inception.
• Section 2 describes the Emergency Economic Stabilization Act of 2008
(“EESA”) and the provisions of EESA that control TARP’s operations.
• Section 3 explains how Treasury has spent TARP money thus far and contains
an explanation of each TARP program.
• Section 4 lays out SIGTARP’s audit and investigations strategy over the coming
months and SIGTARP’s recommendations to TARP managers on issues of
transparency and oversight.
• The Report also contains numerous appendices containing, among other things,
figures and tables detailing all TARP investments through January 23, 2009."
