Special Inspector General for TARP

Program Summary by Budget Activity

Dollars in Thousands

 FY 2014 FY 2015 FY 2016 FY 2015 TO FY 2016

Budget Activity Enacted Enacted Request $ Change % Change

Audit $12,220 $9,243 $8,870 ($373) -4.04%

Investigations $22,703 $24,991 $31,801 $6,810 27.25%

Subtotal, Special Inspector General for 

TARP $34,923 $34,234 $40,671 $6,437 18.80%

Unobligated balances from Prior Years $6,683 $10,957 $6,495 ($4,462) -40.72%

Available PPIP Funds $1,536 $965 $928 ($37) -3.83%

Total Program Operating Level $43,142 $46,156 $48,094 $1,938 4.20%

Total FTE 192 192 192 0 0

 FY 2014 FY 2015 FY 2016 FY 2015 TO FY 2016

Budget Activity Enacted Enacted Request $ Change % Change

Audit $15,296 $12,201 $10,266 ($1,935) -15.86%

Investigations $27,846 $33,955 $37,828 $3,873 11.41%

Total SIGTARP by Budget Activity $43,142 $46,156 $48,094 $1,938 4.20%

Total FTE 192 192 192 0 0.00%

Summary

The FY 2016 President’s Budget request for 

the Special Inspector General for Troubled 

Asset Relief Program (SIGTARP) includes 

funding to support and complement Treasury’s 

Strategic Goal 1: promote domestic economic 

growth and stability while continuing reforms 

of the financial system. In particular, through 

its oversight and investigations of TARPrelated activities, SIGTARP supports 

Objective 1.1: promote savings and increased 

access to credit and affordable housing 

options, Objective 1.2: wind down emergency 

financial crisis response programs, and 

Objective 1.3: complete implementation of 

financial regulatory reform initiatives, 

continue monitoring capital markets, and 

address threats to stability. 

Additionally, through open and transparent 

communication with Congress, SIGTARP 

supports Treasury’s Strategic Goal 5: create a 

21st-century approach to government by 

improving efficiency, effectiveness, and 

customer interaction. Through expedient 

responses to inquiries from Congress, 

SIGTARP supports Objective 5.4: create a 

culture of service through relentless pursuit of 

customer value.

SIGTARP promotes the efficiency and 

effectiveness of TARP management, through 

transparency, coordinated oversight, and 

robust enforcement against those persons and 

entities, whether inside or outside of 

government, who waste, steal or abuse TARP 

funds. SIGTARP has been responsible for 

many of the significant financial crisis cases, 

but these complex cases take time to 

investigate. Considering most complex 

financial fraud investigations can take several 

years to complete, SIGTARP’s high arrest and 

conviction rates are particularly notable.

Of the four primary oversight bodies 

referenced in the Emergency Economic 
Stabilization Act of 2008 (“EESA”), (i.e., 

SIGTARP, the Financial Stability Oversight 

Board, the Congressional Oversight Panel, and 

the Government Accountability Office), 

SIGTARP stands as the sole TARP oversight 

body responsible for criminal law 

enforcement. Also, SIGTARP is the only 

agency solely charged with the mission of:

• Transparency – Promote transparency in 

the government’s response to the financial 

crisis including TARP programs;

• Oversight – Advise and provide 

recommendations to Treasury and the 

federal banking regulators to facilitate 

effective oversight and to prevent fraud, 

waste and abuse; and

• Robust Enforcement – Prevent, detect, 

investigate, and refer for prosecution cases 

of fraud, waste, and abuse related to 

TARP.

SIGTARP’s FY 2016 budget request will 

provide resources to (1) detect, stop, and 

investigate crime related to TARP; (2) support 

prosecutions of those defendants SIGTARP 

investigates; (3) provide significant oversight

and transparency over the financial institutions 

remaining in TARP; and (4) provide oversight

and transparency over TARP-funded housing 

programs which are scheduled to last as late as 

2023.

Under EESA, SIGTARP is mandated to carry 

out its duties until the government has sold or 

transferred all assets and terminated all 

obligations under TARP. In other words, 

SIGTARP’s mission, which is independent of 

Treasury’s mission related to TARP, is to

remain “on watch” as long as TARP assets 

remain outstanding, which Treasury currently 

has scheduled until the year 2023.

SIGTARP FY 2016 Budget Highlights

Dollars in Thousands

Special Inspector General for TARP FTE Amount

FY 2015 Enacted 192 $34,234

Changes to Base:

Maintaining Current Levels (MCLs): - $772

Pay-Raise - $306

Pay Annualization - $78

FERS Contribution Increase - $106

Non-Pay - $282

Other Adjustments - $5,665

Base Funding Shortfall - $5,665

Subtotal Changes to Base - $6,437

Total FY 2016 Base 192 $40,671

Total FY 2016 Request 192 $40,671

FY 2016 Budget Adjustments

Adjustments to Request

Maintaining Current Level (MCLs)

Pay-Raise +$306,000 / +0 FTE

Funds are requested for the proposed 

January 2016 pay-raise.

Maintaining Current Level (MCLs)

Pay Annualization +$78,000 / +0 FTE

Funds are requested for annualization of the 

January 2015 pay-raise.

FERS Contribution Increase +$106,000 / 

+0 FTE

Funds are requested for increases in agency 

contributions to the Federal Employee 

Retirement System based on updated actuarial 

estimates.

Non-Pay +$282,000 / +0 FTE

Funds are requested for inflation adjustments 

in non-labor expenses such as GSA rent 

adjustments postage, supplies, and equipment.

Base Funding Shortfall +$5,665,000 / 

+0 FTE

Funds are requested to meet basic operation 

requirements. In previous years, operating 

needs were met through a combination of 

appropriated dollars and no-year funds. 

SIGTARP anticipates its non-earmarked noyear account is expected to be exhausted in 

FY 2016, and its annual appropriation is 

insufficient to cover SIGTARP’s base 
operations. A fully funded annual 

appropriation is critical to SIGTARP’s 

continued success in fulfilling its mandate.

Explanation of Budget Activities

Audit ($8,870,000 from direct appropriations, 

$0 from reimbursable resources)

The Audit budget activity supports 

SIGTARP’s priority of coordinated oversight 

by providing recommendations to Treasury to 

improve TARP programs, bring transparency 

to decisions made in TARP, and prevent fraud, 

waste, and abuse. SIGTARP conducts, 

supervises, and coordinates programmatic 

audits of TARP without sacrificing the rigor of 

required methodology. SIGTARP’s audits 

facilitate transparency and opportunities to 

improve and protect TARP.

Investigations ($31,801,000 from direct 

appropriations)

The Investigations Division supports 

SIGTARP’s priority of robust law 

enforcement of crimes and other violations of 

the law related to TARP. 

SIGTARP conducts criminal and civil

investigations related to TARP using a staff of 

experienced investigators, including special 

agents, forensic agents, investigators, analysts, 

and investigative attorneys. This structure 

provides SIGTARP with a broad array of 

expertise and perspective in detecting and 

unravelling the most sophisticated of crimes. 

In the interest of maximizing resources, 

SIGTARP coordinates closely with other law 

enforcement agencies. In forming law 

enforcement partnerships and task force 

relationships across federal and state 

governments, SIGTARP leverages its unique 

position and expertise.

Legislative Proposals

SIGTARP has no legislative proposals.

SIGTARP Performance by Budget Activity

Budget Activity Performance Measure FY 2012 FY 2013 FY 2014 FY 2015 FY 2016

Actual Actual Actual Target Target

Audit Congressional Requests for Testimony 

Completed (Units)

4 5 4 3 DISC

Audit Number of Completed Audit Products 

(Units)

13 10 10 8 7

Audit Percentage of Congressional Inquiries 

Responded to within 45 Days of Receipt

N/A N/A N/A N/A 85.0

Investigations Percentage of Cases That are Joint 

Agency/Task Force Investigations

65.0 79.0 75.5 50.0 70.0

Investigations Percentage of Hotline Complaints 

Responded to or Referred for Investigation 

or Further Action within 14 Days of Receipt

77.0 83.0 95.0 75.0 80.0

Investigations Percentage of Investigations Accepted for 

Consideration by Prosecutors

95.0 94.0 97.5 70.0 80.0

Investigations Percentage of Preliminary Investigations 

Converted to Full Investigations within 180 

Days

77.0 82.0 95.75 70.0 80.0

Key: DISC - Discontinued and B - Baseline
Description of Performance

In FY 2014 SIGTARP exceeded its 

performance goal of three “Congressional 

Requests for Testimony Completed,” having 

completed four testimonies. SIGTARP 

anticipates that Congress will continue to have 

an interest in SIGTARP’s work. 

In FY 2016 SIGTARP will measure its 

responsiveness to Congressional inquiries, 

which SIGTARP believes is a more 

meaningful measure of Congressional interest 

in SIGTARP’s mission. The new measure, 

“Percentage of Timely Responses to 

Congressional Inquiries” focuses on the 

responsiveness of information flow and 

transparency between SIGTARP and 

Congress. This measure will replace 

“Congressional Requests for Testimony 

Completed” in FY 2016. 

The performance goal, “Number of Completed 

Audit Products” includes issuing audit 

products that promote the efficiency and 

effectiveness of the TARP and prevent waste, 

fraud and abuse. SIGTARP completed 

10 audit products in FY 2014, exceeding its 

goal of eight completed audit products. 

For FY 2014, “Percentage of Cases That are 

Joint Agency/Task Force Investigations” with 

other law enforcement agencies was

75.5 percent, exceeding the target of 

45 percent. 

One of SIGTARP’s primary investigative 

priorities is to operate the SIGTARP Hotline 

that provides a simple, accessible way for the 

American public to report crime tips. The 

“Percentage of Hotline Complaints Responded 

to or Referred for Investigation or Further 

Action Within 14 Days of Receipt” was 

95 percent for FY 2014, exceeding the goal of 

70 percent. 

The “Percentage of Investigations Accepted 

for Consideration by Prosecutors,” was 

97.5 percent for FY 2014, exceeding the target 

of 70 percent. This success is directly related 

to SIGTARP’s thorough investigation of 

evidence and its support of prosecutions. 

In FY 2014, “Percentage of Preliminary 

Investigations Converted to Full Investigations

Within 180 days” was 95.75 percent, 

exceeding the target of 60 percent. This is due 

to SIGTARP involving prosecutors in 

preliminary investigations to ensure that 

allegations, if proven, will be prosecuted. 

It is expected that SIGTARP will continue to 

meet or exceed performance measures in 

FY 2015 and FY 2016.