Special Inspector General for TARP 

Mission Statement 

To advance economic stability by promoting the efficiency and effectiveness of Troubled 

Assets Relief Program (TARP) management, through transparency, through coordinated 

oversight, and through robust enforcement against those, whether inside or outside of 

Government, who waste, steal or abuse TARP funds. 

Program Summary 

Dollars in Thousands 

FY 2008 FY 2009 FY 2010

Obligated Estimated Estimated $ Change % Change

 Appropriation n/a $50,000 n/a $0 0%

 Estimated Obligations n/a $25,000 $25,000 $0 0%

Total FTE n/a 100 150 - -

FY 2010 Priorities 

• Promoting transparency in the management and operation of TARP is one of 

SIGTARP’s primary roles; 

• Promoting the economy and efficiency in the management of TARP and views its 

oversight role both prospectively (by advising TARP managers on issues relating to 

internal controls and oversight, for example) and retrospectively (by assessing the 

effectiveness of TARP activities over time and suggesting improvements and making 

recommendations for positive change); 

• To prevent, detect and investigate cases of fraud, waste and abuse of TARP funds and 

programs. 

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Table of Contents 

Special Inspector General for TARP .............................................................................. 1

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

1A – Description of Bureau Vision and Priorities.......................................................... 3 

1B – Program History and Future Outlook..................................................................... 3 

Section 2 – Budget Adjustments and Appropriation Language................................... 5

2.2 – Operating Levels Table (Dollars in Millions)........................................................ 5 

2C – Legislative Proposals ............................................................................................. 6 

Section 3 – Budget and Performance Plan ..................................................................... 7

3.1 – Budget by Strategic Outcome ................................................................................ 7 

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Section 1 – Purpose

1A – Description of Bureau Vision and Priorities 

SIGTARP’s mission is to advance economic stability by promoting the efficiency and 

effectiveness of TARP management, through transparency, through coordinated 

oversight, and through robust enforcement against those, whether inside or outside of 

Government, who waste, steal or abuse TARP funds. 

Transparency

Promoting transparency in the management and operation of TARP is one of SIGTARP’s 

primary roles. Through EESA, the American taxpayer has been asked to fund - to the 

tune of hundreds of billions of dollars - an unprecedented effort to stabilize the financial 

system and promote economic recovery; in this context, the public has a right to know 

how that money is being spent. Transparency is a powerful tool to ensure that all those 

managing TARP funds will act appropriately, consistent with the law and in the best 

interests of the country. 

Coordinated Oversight

SIGTARP plays a vital role in promoting the economy and efficiency in the management 

of TARP and views its oversight role both prospectively (by advising TARP managers on 

issues relating to internal controls and oversight, for example) and retrospectively (by 

assessing the effectiveness of TARP activities over time and suggesting improvements 

and making recommendations for positive change). SIGTARP closely coordinates its 

oversight activities with the other TARP oversight bodies to ensure maximum oversight 

coverage and to avoid redundant and unduly burdensome requests. 

Robust Enforcement

SIGTARP’s third primary role is to prevent, detect and investigate cases of fraud, waste 

and abuse of TARP funds and programs. SIGTARP, through its own investigative 

resources and through partnership with other relevant law enforcement agencies, is 

committed to robust criminal and civil enforcement against those, whether inside or 

outside of Government, who waste, steal or abuse TARP funds. 

1B – Program History and Future Outlook 

The Office of the Special Inspector General for the Troubled Asset Relief Program 

("SIGTARP") was established by the Emergency Economic Stabilization Act of 2008 

("EESA"). 

Under EESA, the Special Inspector General has the responsibility, among other things, to 

conduct, supervise and coordinate audits and investigations of the purchase, management 

and sale of assets under the Troubled Asset Relief Program ("TARP"). SIGTARP's goal 

is to promote economic stability by assiduously protecting the interests of those who fund 

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the TARP programs - i.e., the American taxpayers. This is achieved by facilitating 

transparency in TARP programs, providing effective oversight in coordination with other 

relevant oversight bodies, and through robust criminal and civil enforcement against 

those, whether inside or outside of Government, who waste, steal or abuse TARP funds. 

The Special Inspector General, Neil M. Barofsky, was confirmed by the Senate on 

December 8, 2008, and was sworn into office on December 15, 2008. 

Since the Special IG took office, SIGTARP has been proactive in taking steps to improve 

the economy and efficiency of the TARP. On February 6, 2009, pursuant to the EESA, 

SIGTARP reported to Congress on its oversight activities and compiled certain specified 

data and information about the operation of TARP; SIGTARP has subsequently 

continued to meet its statutory reporting requirements. Through March 2009, the Special 

Inspector General had testified at least nine times before relevant Congressional 

Committees. 

In 2010, SIGTARP will continue to design and conduct programmatic audits of 

Treasury's TARP operations, as well as recipients' compliance with their obligations 

under relevant law and contract. SIGTARP will also conduct and supervise criminal and 

civil investigations into any parties suspected of TARP-related fraud, waste, or abuse. 

SIGTARP received mandatory funding of $50 million, but future funding needs are under 

review. If additional resources are necessary, a request will be made. 
Section 2 – Budget Adjustments and Appropriation Language

2.2 – Operating Levels Table (Dollars in Millions) 

Bureau: Special Inspector General for TARP FY 2009 

Enacted Level

FY 2009 

Proposed 

Operating Level

FY 2010 

Requested 

Level

% Change 

FY 2009 

to FY 2010

 

FTE 100 100 150 0.00%

Object Classification: 

11.1 - Full-time permanent 6,000 6,000 9,000 50.00% 

11.3 - Other than full-time permanent 0 0 0 0.00% 

11.5 - Other personnel compensation 3,000 3,000 4,000 33.00% 

11.8 - Special personal services payments 0 0 0 0.00% 

12 - Personnel benefits 0 0 0 0.00% 

21 - Travel and transportation of persons 0 0 1,000 - 

23.1 - Rental payments to GSA 0 0 1,000 -16.44% 

23.2 - Rental payments to others 0 0 0 0.00% 

23.3 - Comm, utilities, and misc charges 0 0 1,000 - 

24 - Printing and reproduction 0 0 0 0.00% 

25.1 Advisory and assistance services 5,000 5,000 3,000 -40.00%

25.2 - Other services 1,000 1,000 1,000 - 

25.3 - Other purchases of goods and services 5,000 5,000 3,000 -40.00% 

from Govt. accounts 

25.6 - Medical care 0 0 0 0.00% 

25.7 - Operation and maintenance of equip 0 0 0 0.00% 

26 - Supplies and materials 0 0 0 0.00% 

31 - Equipment 5,000 5,000 2,000 -60.00% 

Total Budget Authority $50,000 $25,000 $25,000 0%

 

Budget Activities: 

TARP Oversight 50,000 25,000 25,000 0% 

Total Budget Authority $50,000 $25,000 $25,000 0%

 

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2C – Legislative Proposals 

The SIGTARP has no legislative proposals. 

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Section 3 – Budget and Performance Plan

This table lists all FY 2010 resources by strategic goal, objective and outcome outlined in 

the FY 2007-2012 Treasury Department Strategic Plan. The Treasury Strategic Plan is a 

corporate level plan for the Department that provides a description of what the agency 

intends to accomplish over the next five years. 

For detailed information about the FY 2007-2012 Treasury Strategic Plan, please go to: 

http://www.treas.gov/offices/management/budget/strategic-plan/

3.1 – Budget by Strategic Outcome 

Dollars in Thousands 

Treasury Strategic Outcome FY 2009 

Estimated

FY 2010 

Estimated Percent Change

 Accountability & Transparency 25,000 25,000 0%

Total $25,000 $25,000 0%