**GAO-09-161**                      Published: Dec 02, 2008. Publicly Released: Dec 02, 2008.                  

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## Highlights

On October 3, 2008, the Emergency Economic Stabilization Act was signed into law. The act established the Office of Financial Stability (OFS) within the Department of the Treasury (Treasury) and authorized the Troubled Asset Relief Program (TARP). Every 60 days, the U.S. Comptroller General is required to report on a variety of areas associated with oversight of TARP. This report reviews (1) the activities that have been undertaken through TARP as of November 25, 2008; (2) the structure of OFS, its use of contractors, and its system of internal controls; and (3) preliminary indicators of TARP's performance. GAO reviewed documents related to TARP, including contracts, agreements, guidance, and rules. GAO also met with OFS, contractors, federal agencies, and officials from some participating institutions. GAO plans to continue to monitor these and other issues including future and ongoing capital purchases, other transactions undertaken as part of TARP (e.g., capital purchases in Citigroup and American International Group), and the status of other aspects of TARP.

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## Topics

Financial Markets and Institutions

AccountabilityBank failuresBank managementBanking lawBanking regulationContractor personnelEmployee trainingFederal procurementFederal regulationsFinancial analysisFinancial institutionsFinancial managementFinancial markets regulationFinancial regulationInternal controlsLending institutionsNational banksPerformance appraisalPersonnel managementPersonnel recruitingProcurement planningProgram managementReporting requirementsSystems integrityTreasury accountsProgram goals or objectivesTransparencyPublic health emergencies