**GAO-09-474T**                      Published: Mar 11, 2009. Publicly Released: Mar 11, 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 TARP. This testimony is based primarily on our January 30, 2009 report, the second under the act's mandate, which covers the actions taken as part of TARP through January 23, 2009, and follows up on the nine recommendations we made in our December 2, 2008 report. This testomony also provides additional information on some recent developments related to TARP, including Treasury's new financial stability plan.

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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 measuresPersonnel managementPersonnel recruitingProgram managementReporting requirementsRisk assessmentSkilled laborStandardsStrategic planningTraining utilizationPolicies and proceduresProgram goals or objectivesProgram implementationTransparency