Department of the Treasury

Office of Financial Stability

Congressional Justification 

for Appropriations and 

Annual Performance 

Report and Plan

FY 2018
OFS - 2

Table of Contents

Section 1 – Purpose ....................................................................................................................... 3

1A – Mission Statement.............................................................................................................. 3

1.1 – Program Account Summary.......................................................................................... 3

1.3 – Program Disbursement, Repayments, and Cost/Savings................................................... 4

1B – Vision, Priorities and Context............................................................................................ 4

1C - Credit Reform and Administrative Accounts ..................................................................... 6

Section 2 – Budget Adjustments and Appropriation Language............................................... 7

2.1 – Budget Adjustments Table................................................................................................. 7

2A – Budget Increases and Decreases Description..................................................................... 7

2.2 – Operating Levels Table...................................................................................................... 8

2B – Appropriations Language and Explanation of Changes..................................................... 8

2C – Legislative Proposals.......................................................................................................... 8

Section 3 – Budget and Performance Plan ................................................................................. 9

3A – EESA Program Descriptions.............................................................................................. 9

3B – EESA Administration....................................................................................................... 10

3C – Operational Goals............................................................................................................. 10

Section 4 – Supplemental Information...................................................................................... 13

4A – Summary of Capital Investments..................................................................................... 13
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Section 1 – Purpose

1A – Mission Statement

A central part of the response to the 2008 financial crisis was the implementation of the Troubled 

Asset Relief Program (TARP), which was established in the fall of 2008 under the Emergency 

Economic Stabilization Act of 2008 (EESA) (P.L. 110-343) within the Office of Domestic 

Finance at the U.S. Department of the Treasury (Treasury). TARP was created to restore the 

liquidity and stability of the financial system and is administered by the Office of Financial 

Stability (OFS) established within Treasury.

Since late 2010, OFS has focused on carefully winding down TARP’s investment programs, 

recovering OFS’s outstanding investments, and continuing to implement the various housing 

programs under TARP. OFS has made significant progress in winding down TARP investment 

programs and continues to administer housing programs to help struggling families avoid 

foreclosure. As of April 30, 2017, OFS has recovered more than 97 percent of the $436.9 billion 

in total program funds disbursed under TARP, as well as an additional $17.6 billion from 

Treasury’s equity in AIG. When all of Treasury’s AIG investments are included, the amount 

recovered is greater than the funds disbursed by $5.5 billion.

1.1 – Program Account Summary

Dollars in Thousands

 FY 2016 FY 2017 FY 2018 FY 2017 to FY 2018

 Actual Estimated Estimated $ Change % Change

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT

Obligations

Equity Program Account 125,031 5,596 0 (5,596) -100.00%

Housing Account 2,000,225 0 0 0 NA

TARP Account 547,588 9,656 0 (9,656) -100.00%

TARP Administrative Account 133,759 106,976 83,080 (23,896) -22.34%

TARP Negative Downward Reestimate Receipt Account (855,038) (90,377) 0 90,377 -100.00%

TARP Negative Subsidy Receipt Account 0 0 0 0 0.00%

Total Obligations $1,951,565 $31,851 $83,080 $51,229 160.84%

Budget Authority 

Equity Program Account 125,031 5,596 0 (5,596) -100.00%

Housing Account 225 0 0 0 NA

TARP Account 547,588 9,656 0 (9,656) -100.00%

TARP Administrative Account 152,572 106,976 83,080 (23,896) -22.34%

TARP Negative Downward Reestimate Receipt Account (855,038) (90,377) 0 90,377 -100.00%

TARP Negative Subsidy Receipt Account 0 0 0 0 0.00%

Total Budget Authority ($29,622) $31,851 $83,080 $51,229 160.84%

Outlays

Equity Program Account 125,031 5,596 0 (5,596) -100.00%

Housing Account 4,288,359 3,735,682 2,646,511 (1,089,171) -29.16%

TARP Account 547,588 9,656 0 (9,656) -100.00%

TARP Administrative Account 139,527 161,580 87,859 (73,721) -45.63%

TARP Negative Downward Reestimate Receipt Account (855,038) (90,377) 0 90,377 -100.00%

TARP Negative Subsidy Receipt Account 0 0 0 0 NA

Total Outlays $4,245,467 $3,822,137 $2,734,370 ($1,087,767) -28.46%
OFS - 4

1.2 – Financing Account Summary

Dollars in Thousands

 FY 2016 FY 2017 FY 2018 Change % Change

 Actual Estimated Estimated FY 2017 to FY 

2018

FY 2017 to FY 

2018

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT

TARP Direct Loans

Obligations 669,264 2,360 0 (2,360) -100.00%

Collections 552,877 15,036 0 (15,036) -100.00%

Financing Authority (net) 12,750 (12,750) 0 12,750 -100.00%

Financing Disbursements (net) 116,387 (12,676) 0 12,676 -100.00%

Equity Purchases

Obligations 213,191 125,947 17,311 (108,636) -86.26%

Collections 189,289 380,096 56,480 (323,616) -85.14%

Financing Authority (net) 39,003 (274,870) (39,169) 235,701 -85.75%

Financing Disbursements (net) 23,902 (254,149) (39,169) 214,980 -84.59%

Housing

Obligations 2,627 4,685 1,501 (3,184) -67.96%

Collections 367 1,761 32 (1,729) -98.18%

Financing Authority (net) 0 0 0 0 0.00%

Financing Disbursements (net) 2,270 2,924 1,469 (1,455) -49.76%

1.3 – Program Disbursement, Repayments, and Cost/Savings

Dollars in Billions

Cumulative 

Obligated

Cumulative 

Disbursed

(as of 

4/30/17)

Cumulative 

Outstanding

(as of 

4/30/17)

Total 

Cumulative 

Income (as 

of 4/30/17)

Total 

Cash 

Back

(as of 

4/30/17)

Total 

Estimated 

Lifetime Costs 

(as of 

11/30/16)

Bank Support Programs 250 245 0 36 275 -24

Credit Market Programs 19 19 0 5 24 -3

AIG Investment Program (AIG) 68 68 0 1 55 15 *

Automotive Industry Financing 

Program 80 80 0 7 71 12

Treasury Housing Programs 38 25 33 ***

Total** $455 $437 $0 $49 $425 $32

Additional AIG Common Shares 

Held by Treasury 0 0 0 18 18 -18 *

Total for Programs and Shares** $455 $437 $0 $66 $442 $15

*If all Treasury AIG Investments are combined, it would result in a net gain of nearly $2.4 billion on those shares.

**Totals may not foot due to rounding.

***Making Home Affordable (MHA) and Hardest Hit Fund (HHF) Estimated Lifetime Costs are as of 3/31/17.

1B – Vision, Priorities and Context

TARP was created by EESA in October 2008 as part of a broad-based federal response to the 

financial crisis. The purposes of EESA were —

(1) to immediately provide authority and facilities that the Secretary of the Treasury can use to 

restore liquidity and stability to the financial system of the United States; and

(2) to ensure that such authority and such facilities were are in a manner that —

(A) protects home values, college funds, retirement accounts, and life savings;

(B) preserves homeownership and promotes jobs and economic growth;

(C) maximizes overall returns to the taxpayers of the United States; and

(D) provides public accountability for the exercise of such authority.
OFS - 5

EESA vested authority in the Secretary of the Treasury to “purchase, and to make and fund 

commitments to purchase, troubled assets from any financial institution, on such terms and 

conditions as are determined by the Secretary.” 

As a result of improved financial conditions and careful stewardship of the program, the ultimate 

cost to taxpayers of TARP investments is estimated to be significantly lower than initially 

expected. In Fiscal Year (FY) 2009, the program was projected to cost $341 billion, but it is 

now estimated to cost only $32.4 billion (of which -$0.2 billion relates to investments and $32.6

billion relates to housing programs that do not require repayments by recipients) as of November 

30, 20161

. Lifetime costs are projected at $14.8 billion with the inclusion of receipts from 

Treasury’s sale of additional AIG common stock.

 *Includes $17.6 billion in proceeds from additional Treasury AIG shares

During FY 2017 and FY 2018, OFS priorities will be to continue winding down TARP’s bank 

investment programs subject to market conditions and continue helping struggling homeowners 

find solutions to avoid foreclosure by administering TARP housing programs. OFS will also 

begin to wind-down TARP’s largest housing program, the Making Home Affordable (MHA) 

program, as the application period terminated on December 31, 2016, as required by the 

Consolidated Appropriations Act, 2016 (the Act) (P.L. 114-113).

OFS Administrative Expenses

The authority for OFS’s administrative funding is provided in section 118 of EESA. In 

FY 2017, OFS plans to obligate no more than $107 million and use no more than 52.5 FTEs. 

These levels are less than previously estimated due to the faster than anticipated wind-down of 

TARP’s investment programs and the MHA program application deadline of December 2016, 

established in the Act. In FY 2018, OFS plans to obligate $83 million and use no more than 42.5

FTEs, a decrease of approximately $24 million and 10 FTEs from the current FY 2017 estimates, 

 1 MHA and HHF Estimated Lifetime Costs are as of 3/31/17.

$341.0

$124.1

$77.7 $70.2 $59.7

$22.7* $20.0* $19.7* $14.8*

0

50

100

150

200

250

300

350

400

May-2009 Sep-2009 Sep-2010 Sep-2011 Sep-2012 Sep-2013 Sep-2014 Sep-2015 Nov-2016

Cost (in billions)

Date

OFS TARP Cost Estimates
OFS - 6

to fund the management, maintenance and wind-down of the TARP housing programs and the 

disposition of OFS’s remaining investments. The decrease in FTEs and outside contracts reflects 

the continued wind-down of TARP.

1C - Credit Reform and Administrative Accounts

Section 123 of EESA requires the cost of TARP programs to be calculated using the methods 

required by the Federal Credit Reform Act of 1990 ("credit reform"). In addition to the OFS 

Administrative Account, the organization manages six accounts to comply with the credit reform 

accounting requirements: TARP Equity Purchase Program Account, TARP Equity Purchase 

Financing Account (EPFA), TARP Housing Programs Account, TARP Housing Programs, 

Letter of Credit (LOC) Financing Account, TARP Program Account, and TARP Direct Loan 

Financing Account (DLFA). 

Account Descriptions

TARP Equity Purchase Program Account: The TARP Equity Purchase Program Account 

records the subsidy costs (cost to the Government) associated with federal equity injections into 

qualifying financial institutions. Subsidy costs are calculated on a net present value basis. 

TARP EPFA: The TARP EPFA is a non-budgetary account that records all financial 

transactions to and from the Government resulting from equity purchases. The EPFA primarily 

tracks each cohort year’s purchase activity (dividend payments, the exercise of warrants, 

Treasury borrowings, interest paid to or received from Treasury, etc.) and is not included in the 

Budget totals when calculating total Government spending.

TARP Housing Programs Account: The TARP Housing Programs Account records the subsidy 

costs and cash outlays associated with Treasury’s housing programs under TARP. The Making 

Home Affordable (MHA) and Hardest Hit Fund housing programs are recorded on a cash basis, 

and the Federal Housing Administration (FHA)-Refinance Program is subject to the Federal 

Credit Reform Act of 1990 whereby its subsidy cost is calculated on a net present value basis. 

TARP Housing Programs, LOC Financing Account: The TARP Housing Programs, LOC

Financing Account is a non-budgetary account that records all financial transactions to and from 

the Government resulting from OFS’s FHA-Refinance Program. Like other financing accounts, 

its primary purpose is the financial tracking of each cohort year’s loan activity and is not 

included in the Budget totals.

TARP Program Account: The TARP Program Account records the subsidy costs associated with 

direct loans obligated to qualifying institutions. Subsidy costs are calculated on a net present 

value basis. 

TARP DLFA: The TARP DLFA is a non-budgetary account that records all financial 

transactions to and from the Government resulting from direct loans. Like EPFA, its primary 

purpose is the financial tracking of each cohort year’s loan activity and is not included in the 

Budget totals.

OFS Administrative Account: This account provides for the administrative costs of OFS.
OFS - 7

Section 2 – Budget Adjustments and Appropriation Language

2.1 – Budget Adjustments Table

Dollars in Thousands

Office of Financial Stability FTE Amount

FY 2017 Estimated 52.5 $106,976

Maintaining Current Levels (MCLs): - 2,136

Pay-Raise - 126

Pay Annualization - 46

Non-Pay - 1,964

Total FY 2018 Base 52.5 109,112

Program Changes:

Program Decreases: (10) (26,032)

Housing Program Support - (19,005)

Maintenance and Disposition of Assets - (440)

OFS Salaries and Benefits (10) (1,681)

Organizational Support - (4,906)

Total FY 2018 Estimated 42.5 83,080

2A – Budget Increases and Decreases Description

Maintaining Current Levels (MCLs) ......................................................+$2,136,000 / +0 FTE

Pay-Raise +$126,000 / +0 FTE 

Funds are required for the proposed January 2018 pay raise.

Pay Annualization +$46,000 / +0 FTE

Funds are required for annualization of the January 2017 pay raise.

Non-Pay +$1,964,000 / +0 FTE 

Funds are required for non-labor costs such as travel, contracts, rent, supplies, and equipment.

Program Decreases .................................................................................-$26,032,000 / -10 FTE

Housing Program Support -$19,005,000 / +0 FTE 

MHA administrative functions and compliance will decline sharply from FY 2017 to FY 2018 as 

the program’s application deadline expired as of December 30, 2016. Administrative and 

compliance functions will continue to wind-down over time as the application pipeline decreases 

and commitments are paid.

Maintenance and Disposition of Assets -$440,000 / +0 FTE 

During FY 2017, OFS will continue the disposition of its position in the remaining Capital 

Purchase Program (CPP) banks and complete the execution of the Community Development 

Capital Initiative (CDCI) Early Repurchase Option, announced by Treasury on August 1, 2016. 

In FY 2018, OFS expects its portfolio to be composed mostly of CDCI institutions with a 

handful of CPP institutions.
OFS - 8

OFS Salaries and Benefits -$1,681,000 / -10 FTE 

Savings resulted from natural attrition and expiration of term appointments due to the winddown of various TARP programs. 

Organizational Support -$4,906,000/ +0 FTE 

Administrative costs associated with managing OFS’s portfolio will decline over time as TARP 

winds down. However, many duties and responsibilities will remain and are not directly 

correlated to the volume of assets held by OFS. Many of these organizational support functions 

will be run in-house and relate to legislative and oversight-mandated reporting functions, as well 

as the management and maintenance of TARP’s housing programs.

2.2 – Operating Levels Table

Dollars in Thousands

Office of Financial Stability FY 2016 FY 2017 FY 2018

Object Classification Actual Estimated Estimated

11.1 - Full-time permanent 8,281 6,675 5,506

11.5 - Other Personnel Compensation 89 67 55

11.9 - Personnel Compensation (Total) $8,370 $6,742 $5,561

12.0 - Personnel benefits 2,505 2,053 1,725

Total Personnel Compensation and Benefits $10,875 $8,795 $7,286

21.0 - Travel and transportation of persons 147 188 141

23.0 - Rent, communications and utilities 6 5 4

25.1 - Advisory and assistance services 10,335 11,777 9,386

25.2 - Other services from non-Federal sources 98,448 73,453 55,425

25.3 - Other goods and services from Federal sources 13,500 12,348 10,500

26.0 - Supplies and materials 374 402 330

31.0 - Equipment 74 8 8

Total Non-Personnel $122,884 $98,181 $75,794

Total Budgetary Resources $133,759 $106,976 $83,080

Budget Activities:

TARP Administrative Account 133,759 106,976 83,080

Total Budgetary Resources $133,759 $106,976 $83,080

FTE 66.5 52.5 42.5

Table includes direct FTEs.

Totals may not foot due to rounding.

2B – Appropriations Language and Explanation of Changes

OFS does not receive discretionary appropriations from Congress. Therefore, no appropriations 

language is proposed.

2C – Legislative Proposals

OFS has no legislative proposals.
OFS - 9

Section 3 – Budget and Performance Plan

3A – EESA Program Descriptions

The FY 2018-2022 Strategic Plan is currently under development. The Annual Performance Plan 

will be updated in the FY 2019 Budget to reflect the new priorities.

Bank Support Programs

Capital Purchase Program (CPP): OFS created CPP, its largest program, in October 2008. OFS

provided a total of $204.9 billion in capital to 707 institutions in 48 states. During FY 2016, OFS

continued to wind-down remaining CPP investments through repayments by those institutions 

that were able to do so and restructuring investments in limited cases. As of April 30, 2017, CPP 

has generated $226.7 billion in recoveries for taxpayers with nine institutions remaining in the 

program for a total of $191 million in investments outstanding.

Community Development Capital Initiative (CDCI): OFS created CDCI on February 3, 2010, to 

provide investments of capital to certified Community Development Financial Institutions banks, 

thrifts, and credit unions. The initial dividend or interest rate was two percent. To encourage 

repayment, the dividend rate increases to nine percent after eight years. On August 1, 2016, 

Treasury, as part of its ongoing effort to wind-down TARP, offered participating CDCI 

institutions an opportunity to repurchase their outstanding securities owned by Treasury at fair 

value ahead of the dividend rate step-ups set to take place in 2018. OFS invested $570 million in 

84 CDFIs, of which 28 institutions converted $363 million (including warrants) from CPP to 

CDCI. As of April 30, 2017, CDCI has generated $508 million in recoveries for taxpayers with 

27 institutions remaining in the program for a total of $98 million in investments outstanding. 

Housing Programs

OFS established several TARP housing programs, assisting millions of homeowners and 

introducing reforms for the mortgage servicing industry to facilitate mortgage modifications.

Making Home Affordable® Program (MHA): In 2009, OFS launched MHA to help homeowners 

prevent avoidable foreclosures and strengthen the housing market. The cornerstone of MHA is 

the Home Affordable Modification Program (HAMP), which provides eligible homeowners the 

opportunity to reduce their monthly mortgage payments. In accordance with provisions of the 

Act, MHA terminated on December 31, 2016, except with respect to certain applications made 

before such date. As of April 30, 2017, OFS had disbursed $17.0 billion out of a possible $27.8

billion under MHA.

Housing Finance Agency (HFA) Hardest Hit Fund (HHF): HHF was established in 2010 to 

provide targeted aid to homeowners in states hit hardest by the economic and housing market 

downturn by providing funding to to state HFAs. The $7.6 billion initiative encompassed 18 

states and the District of Columbia (D.C.). In December 2015, the Act granted Treasury 

authority to make an additional $2.0 billion in commitments through the HHF. As of April 30, 

2017, OFS had disbursed $8.1 billion out of a possible $9.6 billion under the HFA Hardest Hit 

Fund.
OFS - 10

FHA Short Refinance Program: OFS continues to support the FHA Short Refinance Program, 

designed to assist borrowers with negative equity. The program has seen limited participation. 

As such, OFS has reduced the LOC facility supporting this program from $8.0 billion to $100 

million. On December 31, 2016, the FHA Short Refinance Program ended; therefore, OFS plans 

to lower the LOC in FY 2017 to the total amount of OFS coverage for the loans in the program.

As of November 30, 2016, the revised lifetime cost estimate for the program was $18 million for 

outstanding refinanced loans.

Other Programs

Automotive Industry Financing Program (AIFP): OFS fully wound down AIFP during FY 2015, 

selling its remaining stake in Ally Financial. OFS disbursed $79.7 billion in loans and equity 

investments to the auto industry through the AIFP. As of April 30, 2017 OFS has collected 

$70.5 billion through sales, repayments, dividends, interest, recoveries, and other income.

Recoveries from the bankruptcy liquidation of Old Chrysler and Old GM remain possible. 

All other TARP programs closed prior to FY 2016, including the Targeted Investment Program, 

Asset Guarantee Program, Public-Private Investment Program, Term Asset-Backed Securities 

Loan Facility, Small Business Administration 7(a) Securities Purchase Program, and American 

International Group, Inc. Investment Program.

For more details, please see the Budgetary Effects of the Troubled Asset Relief Program chapter 

in the Analytical Perspectives volume of the 2018 Budget.

3B – EESA Administration

The authority for the OFS’s administrative funding is provided in section 118 of EESA. The 

administrative budget consists primarily of contracting and financial agent support costs 

associated with OFS’s ongoing implementation and management of the TARP housing programs 

and the management and disposition of OFS’s remaining investments. In addition, continuing 

organizational support, including information technology, facilities, legal, compliance, 

accounting, and human resources, will be needed to manage these ongoing OFS initiatives. 

OFS’s senior management is responsible for performance against its operational goals.

3C – Operational Goals

Complete the wind-down of TARP investment programs

The first operational goal for OFS is to complete the wind-down of TARP investment programs. 

Only two investment programs remain: CPP and CDCI. OFS is focused on recovering TARP 

funds in a manner that continues to promote the Nation’s financial stability while maximizing 

returns on behalf of the taxpayers. For CPP institutions, participating financial institutions may 

repay the funds they received at any time, with the approval of their regulators. However, since 

the majority of the institutions currently in the CPP portfolio remain a going concern, OFS 

continues to work with CPP institutions to restructure certain investments that will allow them to 

exit TARP. As of April 30, 2017, OFS had $191 million in outstanding CPP investments and $98

million in outstanding CDCI investments. 
OFS - 11

Continue to help struggling homeowners avoid foreclosure

OFS’s second operational goal is to continue helping struggling homeowners avoid foreclosure. 

MHA statutorily sunset in December 2016. Under this program more than 1.7 million 

homeowners have had their mortgages modified permanently through March 2017. HAMP has 

also set new standards and changed practices throughout the mortgage servicing industry. In 

addition, HHF provides funding to 18 states and D.C. to assist struggling homeowners. In 

FY 2016, state HFAs continued to adapt their programs to best meet borrower needs in evolving 

economic and housing markets. The Act included a provision that allowed OFS to commit an 

additional $2.0 billion in TARP funds to current HHF program participants.

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

Performance Metrics and Indicators1

(includes GSE and non-GSE)

Actual Actual Actual Actual Actual

Reduction in median payment for homeowners in 

permanent modifications (assist homeowners) 

program-to-date.

$541 $547 $540 $481 $472

Number of modifications entered into 

(assist homeowners)

Trial

Permanent

213,613

233,622

181,505

178,039

137,550

148,070

122,496

125,338

108,721

112,279

12-month re-default rate for Permanent 

Modifications (90+ days delinquency rate for loans 

seasoned 12 months)

14.5 % 13.6% 13.4% 13.1% 13.1%

1

Items in italics are indicators. 

Minimize cost to taxpayers

The third operational goal of OFS is to minimize the cost of TARP to taxpayers by carefully 

managing the timely exit of these investments to reduce taxpayers’ exposure, returning TARP 

funds to reduce the federal debt, and continuing to replace government assistance with private 

capital in the financial system. OFS has taken a number of steps to dispose of outstanding 

investments in a manner that balances the need to exit these investments as quickly as practicable 

while maximizing taxpayer returns. OFS also takes steps to ensure that TARP recipients comply 

with any TARP-related statutory or contractual obligations such as executive compensation 

requirements and restrictions on dividend payments.

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

Performance Metrics and Indicators1 Actual Actual Actual Actual Actual

Proceeds from warrant repurchases as percent of 

aggregate CPP preferred investment amount

(plus median for the selected banks)

1.9% 3.3% 4.2% 9.0% NA

1

Items in italics are indicators.
OFS - 12

Continue to operate with highest standards of transparency, accountability, and integrity

OFS’s final goal is to continue to operate with the highest standards of transparency, 

accountability, and integrity. OFS posts a variety of reports online that provide taxpayers with 

regular and comprehensive information about how TARP funds are spent, who received them 

and on what terms, and how much has been recovered to date. OFS also publishes the annual 

audited Agency Financial Report and continues to maintain productive working relationships 

with three oversight bodies charged with auditing and reviewing TARP activities. 

Performance Metrics and FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2016 FY 2017 FY 2018 FY 2012 -

Indicators1 Actual Actual Actual Actual Actual Target Target Target FY 2016

Trend

Percentage of StatutorilyMandated Reports Submitted 

On-Time (ensure 

transparency of operations to 

the public)

100.0 80.0 80.0 99.0 94.7 100.0 100.0 100.0

Percentage of Customers 

Satisfied with 

FinancialStability.gov (Self 

Selected Respondents) 

(ensure transparency of 

operations to the public)

67.0 67.0 70.0 66.5 73.0 75.0 75.0 75.0

Average days to close a 

FOIA case2 98 90 21 NA NA NA NA NA

Percentage of FOIA 

Assignments On-Time or 

Less Than 30-Days Overdue

(ensure transparency within 

the government)

N/A N/A 15.0 13.03 56.56 33.0 33.0 33.0

Percentage of Congressional 

Constituent Correspondence 

Responses Completed within 

10 Business Days of Receipt

99.0 100.0 92.0 50.0 66.75 100.0 100.0 100.0

Clean Audit Opinion on 

TARP Financial Statements 

(ensure transparency of 

operations to the public) (1.0 

= Yes)

1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0

Percentage of SIGTARP and 

GAO Oversight 

Recommendations 

Responded to On-Time 

(ensure transparency of 

operations to the public)

82.0 80.0 100.0 100.0 100.0 100.0 100.0 100.0

1

Items underlined are measures. Targets are provided only for measures. 2

The ‘Average days to close a FOIA case’ measure was discontinued in third quarter FY 2014 to best reflect available reporting 

data. OFS now reports ‘Percentage of FOIA requests on-time or less than 30-days overdue’.
OFS - 13

Section 4 – Supplemental Information

4A – Summary of Capital Investments

OFS uses Departmental Offices’ (DO) system and is part of DO’s capital investment strategy.

A summary of capital investment resources, including major information technology and nontechnology investments, can be viewed and downloaded at 

http://www.treasury.gov/about/budget-performance/Pages/summary-of-capital-investments.aspx

This website also contains a digital copy of this document.