Troubled Asset Relief Program (TARP)

SIGTARP Investigates Possible Book-Cooking!

Apr 13, 2009 by Adam Hughes*

book cookingThe Special Inspector General for TARP has begun investigations into whether some banks altered their accounting records and balance sheets in order to appear "fundamentally sound," the Financial Times is reporting this morning. Banks must demonstrate they are "fundamentally sound" before they can qualify for TARP funds from the government.

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CBO Monthly Budget Review: March, 2009

Apr 7, 2009 by Adam Hughes*

The Congressional Budget Office (CBO) has released its monthly budget review this morning that estimates a deficit of $953 billion for the first half of FY 2009. This is a whopping $640 billion more than for the same period in FY 2008.

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The Circle of Life (Insurance)

Mar 4, 2009 by Craig Jennings

It's beautiful, man.

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OMB Watch Joins Stimulus Transparency Coalition

OMB Watch has joined more than 30 other groups calling for transparency and accountability requirements in federal recovery efforts, including the American Recovery and Reinvestment Act (H.R. 1). The Coalition for an Accountable Recovery (CAR) is an assembly of organizations and individuals who believe transparency and accountability are essential to ensuring that hundreds of billions of dollars of federal spending is disbursed fairly; spent with minimal waste, fraud, and abuse; and can be assessed as effective or ineffective.

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New Treasury Secretary Takes Steps to TARP Transparency

Jan 29, 2009 by Craig Jennings

Yesterday, Treasury Secretary Tim Geithner announced that the Treasury Department will begin posting investment contracts of the banks that are participating in the Troubled Asset Relief Program (TARP).

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Groups Launch Bailout Watch to Oversee Government Bailout Actions

OMB Watch and five other nonprofit organizations have collaborated to form a project called Bailout Watch. The project will research, investigate, and analyze the federal government's bailout activities and publish resources and data for policymakers, the media, and interested citizens.

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Lobbyists Creeping into Obama Administration

Jan 28, 2009 by Matthew Madia

cash stacksPresident Obama's new ethics platform has already sprung some serious leaks. In spite of an executive order aimed to stem the influence of lobbyists in the Obama administration, former lobbyists are finding their way into top posts, according to the National Journal.

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House Takes Aim at TARP

Jan 22, 2009 by Craig Jennings

A couple of quick updates on TARP legislation in the House:

  1. The House approved (260-166) House Financial Chair Barney Frank's (D-MA) TARP Reform and Accountability Act of 2009 (HR 384) yesterday. The bill would, among other things, strengthen oversight and transparency provisions in the Troubled Asset Relief Program (TARP). The Senate is not expected to take up the legislation.

  2. And today, the House passed (270-155) a resolution that would deny the Obama Administration access to the last $350 billion of the $700 in TARP funds. The vote was largely symbolic, as the Senate considered the resolution and promptly voted it down (42-52) on Jan. 15.

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Senate Votes Against Withholding TARP Funds

Jan 15, 2009 by Craig Jennings

CQ Politics:

By 42-52, the Senate rejected a resolution of disapproval (S J Res 5) designed to block release of the second half of the $700 billion Troubled Asset Relief Program.

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Oversight Report Highlights Lack of Transparency in TARP

When Congress passed the legislation that created the $700 billion Troubled Asset Relief Program (TARP), it authorized the creation of the Congressional Oversight Panel (COP) to monitor the execution of the program by the Treasury Department. The panel is required to issue reports on a regular basis, and its latest report, released Jan. 9, indicates that the Treasury Department either cannot or will not answer the questions posed to it in the COP's previous report, released on Dec. 10, 2008.

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