**GAO-09-484T**                      Published: Mar 19, 2009. Publicly Released: Mar 19, 2009.                  

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## Highlights

This testimony discusses our work on the Troubled Asset Relief Program (TARP), under which the Department of the Treasury (Treasury) has the authority to purchase and insure up to $700 billion in troubled assets held by financial institutions through its Office of Financial Stability (OFS). As Congress may know, Treasury was granted this authority in response to the financial crisis that has threatened the stability of the U.S. banking system and the solvency of numerous financial institutions. The Emergency Economic Stabilization Act (the act) that authorized TARP on October 3, 2008, requires GAO to report at least every 60 days on findings resulting from our oversight of the actions taken under the program. We are also responsible for auditing OFS's annual financial statements and for producing special reports on any issues that emerge from our oversight. To carry out these oversight responsibilities, we have assembled interdisciplinary teams with a wide range of technical skills, including financial market and public policy analysts, accountants, lawyers, and economists who represent combined resources from across GAO. In addition, we are building on our in-house technical expertise with targeted new hires and experts. The act also created additional oversight entities--the Congressional Oversight Panel (COP) and the Special Inspector General for TARP (SIGTARP)--that also have reporting responsibilities. We are coordinating our work with COP and SIGTARP and are meeting with officials from both entities to share information and coordinate our oversight efforts. These meetings help to ensure that we are collaborating as appropriate and not duplicating efforts.

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## Topics

Financial Markets and Institutions

AccountabilityBank failuresBank managementBanking regulationConflict of interestsContract oversightContractor personnelEconomic analysisEconomic growthEconomic policiesEconomic stabilizationEmployee incentivesEmployee trainingFederal fundsFederal procurementFederal regulationsFinancial analysisFinancial institutionsFinancial managementFinancial regulationFunds managementHiring policiesHuman capital managementHuman capital planningInternal controlsLending institutionsNoncomplianceOrganizational changePerformance appraisalPerformance measuresPersonnel managementPersonnel recruitingReporting requirementsRisk assessmentSkilled laborStandardsStrategic planningTraining utilizationPolicies and proceduresProgram goals or objectivesProgram implementationTransparency