Department of the Treasury

Office of Financial Stability

Congressional Budget 

Justification and Annual 

Performance Report and Plan

FY 2019
OFS - 2

Table of Contents

Section I – Purpose........................................................................................................................ 3

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

1.1 - Program Account Summary ............................................................................................... 3

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

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

C - Credit Reform Account Description ..................................................................................... 6

1.4 – Budget Adjustments Table................................................................................................. 7

D – Budget Increases and Decreases Description....................................................................... 7

1.5 – Operating Levels Table...................................................................................................... 8

E – Appropriations Language and Explanation of Changes....................................................... 8

F – Legislative Proposals............................................................................................................ 8

Section II - Annual Performance Plan and Report.................................................................. 10

A – Strategic Alignment ........................................................................................................... 10

B – Budget and Performance by Budget Activity .................................................................... 11

C – Operational Goals............................................................................................................... 12

Section III - Additional Information......................................................................................... 13

A – Summary of Capital Investments....................................................................................... 13
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Section I – Purpose

A – 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 it is administered by the Office of Financial 

Stability (OFS).

Since late 2010, OFS has made significant progress in winding down TARP investment 

programs and in recovering OFS’s outstanding investments. OFS continues to operate a housing 

program under TARP to help struggling families avoid foreclosure, but in 2016 began to wind

down the largest TARP housing program. As of November 30, 2017, OFS has recovered 97

percent of the $438.5 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 more than $4.0 billion.

1.1 - Program Account Summary

Dollars in Thousands

FY 2017 FY 2018 FY 2019 FY 2018 to FY 2019

Actual Estimated Estimated Change % Change

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT

Obligations

Equity Program Account 5,596 0 0 0 0.00%

Housing Account 0 11 0 (11) -100.00%

TARP Account 9,656 0 0 0 0.00%

TARP Administrative Account 103,578 78,608 63,065 (15,543) -19.77%

TARP Downward Reestimate Receipt 

Account (90,377) (14,586) 0 14,586 100.00%

Total Obligations $28,453 $64,033 $63,065 ($968) -1.51%

Budget Authority

Equity Program Account 5,596 0 0 0 0.00%

Housing Account 0 11 0 (11) -100.00%

TARP Account 9,656 0 0 0 0.00%

TARP Administrative Account 122,457 78,608 63,065 (15,543) -19.77%

TARP Downward Reestimate Receipt 

Account (90,377) (14,586) 0 14,586 100.00%

Total Budget Authority $47,332 $64,033 $63,065 ($968) -1.51%

Outlays

Equity Program Account 5,596 0 0 0 0.00%

Housing Account 4,130,820 2,431,993 1,573,463 (858,530) -35.30%

TARP Account 9,656 0 0 0 0.00%

TARP Administrative Account 115,622 117,000 66,173 (50,827) -43.44%

TARP Downward Reestimate Receipt 

Account (90,377) (14,586) 0 14,586 100.00%

Total Outlays $4,171,317 $2,534,407 $1,639,636 ($894,771) -35.30%

FTE 52 34 24 -10 -29.41%
OFS - 4

1.2 – Financing Account Summary

Dollars in Thousands

FY 2017 FY 2018 FY 2019 FY 2018 to FY 2019

Actual Estimated Estimated Change % Change

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT

TARP Direct Loans

Obligations 2,188 5,154 0 (5,154) -100.00%

Collections 14,984 0 0 0 0.00%

Financing Authority (net) (9,656) 0 0 0 0.00%

Financing Disbursements (net) (12,796) 5,154 0 (5,154) -100.00%

Equity Purchases

Obligations 95,647 11,962 522 (11,440) -95.64%

Collections 420,863 84,368 3,117 (81,251) -96.31%

Financing Authority (net) (305,000) (82,348) (2,490) 79,857 -96.98%

Financing Disbursements (net) (325,216) (72,406) (2,595) 69,811 -96.42%

Housing

Obligations 3,278 3,003 1,184 (1,819) -60.57%

Collections 192 55 22 (33) -60.00%

Financing Authority (net) 0 0 0 0 0.00%

Financing Disbursements (net) 3,086 2,948 1,162 (1,786) -60.58%

1.3 – Program Disbursement, Repayments, and Cost/Savings

Dollars in Billions

Cumulative 

Obligated

(as of 

11/30/2017)

Cumulative 

Disbursed

(as of 

11/30/2017)

Cumulative 

Outstanding 

(as of 

11/30/2017)

Total 

Cumulative 

Income (as 

of 

11/30/2017)

Total Cash 

Back (as of 

11/30/2017)

Total 

Estimated 

Life Costs 

(as of 

11/30/2017)

Bank Support Programs 250.5 245.1 0.1 35.7 275.5 (24.3)

Credit Market Programs 19.1 19.1 0.0 4.6 23.6 (3.3)

AIG Investment Program (AIG) 67.8 67.8 0.0 1.0 55.3 15.2 *

Automotive Industry Financing 

Program 79.7 79.7 0.0 7.4 70.5 12.2

Treasury Housing Programs 37.4 26.8 NA NA 0.0 32.5

Total $454.5 $438.5 $0.1 $48.6 $425.0 $32.3

Additional AIG Common Shares 

Held by Treasury 0 0 0 17.6 17.6 (17.6) *

Total for Programs and Shares $454.5 $438.5 $0.1 $66.2 $442.5 $14.7

*If all Treasury AIG Investments are combined, Treasury currently estimates a net gain of nearly $2.4 billion on those shares.

B – 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 could use to 

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

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

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

(B) preserve homeownership and promote jobs and economic growth;

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

(D) provide public accountability for the exercise of such authority.
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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.” This program supports the Department’s goal of 

financial stewardship. 

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 $32.3 billion (of which -$0.2 billion relates to investments and

$32.5 billion relates to housing programs that do not require repayments by recipients) as of 

November 30, 2017. Lifetime costs are projected at $14.7 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 FY2018 and FY 2019, OFS’s priority is to continue the responsible wind-down of all 

TARP programs.

OFS Administrative Expenses

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

FY 2018, OFS plans to obligate no more than $79 million and use no more than 34 Full-Time 

Equivalent (FTE) employees. These levels are lower than previously estimated due to the faster 

than anticipated wind-down of TARP’s investment programs and the continued wind-down of 

the Making Home Affordable (MHA) program. In FY 2019, OFS plans to obligate $63 million 

and use no more than 24 FTE employees, a decrease of approximately $16 million and 10 FTE

employees from the current FY 2018 estimates, to fund the management, maintenance and 

continued wind-down of the TARP housing programs and the disposition of OFS’s remaining

investments.

$341.0

$124.1

$77.7

$57.3 $42.1

$22.7* $19.9* $19.7* $16.9* $14.7*

0

50

100

150

200

250

300

350

400

May-2009 Sep-2010 Sep-2012 Sep-2014 Sep-2016

Cost (in billions)

Date

Estimates of Total Lifetime Costs of TARP

Have Declined Over Time
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C - Credit Reform Account Description

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: (1) the TARP Equity Purchase Program Account; (2) the TARP 

Equity Purchase Financing Account (EPFA); (3) the TARP Housing Programs Account; (4) the 

TARP Housing Programs, Letter of Credit (LOC) Financing Account; (5) the TARP Program 

Account; and (6) the 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 Equity Purchase Financing Account (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 MHA 

and Hardest Hit Fund housing programs are recorded on a cash basis, and the Federal Housing 

Administration (FHA) Short-Refinance Program is subject to credit reform accounting 

requirements, 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 Short-Refinance Program. Like other financing 

accounts, its primary purpose is the financial tracking of each cohort year’s loan activity. It 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. It is not included in the 

budget totals.

OFS Administrative Account: This account provides for the administrative costs of OFS.
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1.4 – Budget Adjustments Table

Dollars in Thousands

Office of Financial Stability FTE Amount

FY 2018 Estimated 34 $78,608

Maintaining Current Levels (MCLs): - 1,464

Pay Annualization - 6

Non-Pay - 1,458 

Total FY 2019 Base 34 $80,072

Program Changes:

Program Decreases: 

(10)

 

(17,007)

Housing Program Support -

 

(10,449)

Maintenance and Disposition of 

Assets - (230)

OFS Salaries and Benefits 

(10)

 

(1,590)

Organizational Support -

 

(4,739)

Total FY 2019 Estimated 24 $63,065

D – Budget Increases and Decreases Description

Maintaining Current Levels (MCLs) ......................................................+$1,464,000 / +0 FTE

Pay Annualization +$6,000 / +0 FTE

Funds are required for annualization of the January 2018 pay raise.

Non-Pay +$1,458,000 / +0 FTE 

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

Program Decreases .................................................................................-$17,007,000 / -10 FTE

Housing Program Support -$10,449,000 / +0 FTE 

Administrative and compliance functions will continue to wind down during FY 2018 and over 

time as programs close and no new assistance actions are provided and commitments are paid.

Maintenance and Disposition of Assets -$230,000 / +0 FTE 

During FY 2018, OFS will continue the disposition of its position in the remaining Capital 

Purchase Program (CPP) and Community Development Capital Initiative (CDCI) institutions. In 

FY 2019, OFS expects its portfolio to be composed mostly of CDCI institutions with a handful 

of CPP institutions.OFS Salaries and Benefits -$1,590,000 / -10 FTE 

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

Organizational Support -$4,739,000/ +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.
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1.5 – Operating Levels Table

Dollars in Thousands

Office of Financial Stability FY 2017 FY 2018 FY 2019

Object Classification Actual Estimated Estimated

11.1 - Full-time permanent 6,528 4,305 3,097

11.7 - Other Personnel Compensation 86 43 31

11.9 - Personnel Compensation (Total) 6,614 4,348 3,128 

12.0 - Personnel benefits 1,986 1,360 996

Total Personnel and Compensation Benefits $8,600 $5,708 $4,124 

21.0 - Travel and transportation of persons 77 51 36

23.0 - Rent, Communications and Utilities 2 4 4

25.1 - Advisory and assistance services 12,394 11,835 8,897

25.2 - Other services from non-Federal sources 69,709 49,622 39,645

25.3 - Other goods and services from Federal sources 12,447 11,064 10,061

26.0 - Supplies and materials 346 316 290

31.0 - Equipment 3 8 8

Total Non-Personnel $94,978 $72,900 $58,941 

Subtotal New Budgetary Resources $103,578 $78,608 $63,065 

FTE 52 

34 

 

24 

Table includes direct FTEs.

Totals may not foot due to rounding

E – Appropriations Language and Explanation of Changes

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

language is proposed.

F – Legislative Proposals

Treasury is seeking certain legislative changes related to OFS and TARP to reduce the frequency 

and necessity of several statutory reporting requirements that were established when TARP was 

created. Although these reporting requirements corresponded to the level of risk associated with 

a start-up entity in 2009, risk has dramatically decreased as programs have closed. OFS estimates 

that enacting the following legislative proposals would result in more than $2 million in annual 

savings in contracting cost and Government Accountability Office (GAO) reimbursements and 

would reduce OFS’s workload by 4 FTE employees per year. The remaining statutory 

requirements will continue to provide sufficient transparency during the wind-down of TARP.

Replace OFS’s stand-alone financial audit performed by GAO: Since inception, OFS has been 

required to undertake a stand-alone financial audit requiring significant resources. As the 

majority of programs have closed, the need for a stand-alone audit has diminished. As such, 

Treasury’s Office of the Inspector General could audit OFS’s financial operations under the 

Treasury-wide audit, similar to most other Treasury programs. 
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Sunset the Financial Stability Oversight Board (FinSOB): This interagency group meets 

monthly and reports quarterly. The group reviewed OFS’s program formulation and monitored

program performance. The need for the board’s oversight and reporting has diminished as no 

new OFS programs can be implemented, all major investments have been disposed, and the 

housing programs are in wind-down.

Change the frequency of the Section 105(a) report (“Congressional Monthly”): This 

performance report remains generally static from month-to-month. With most programs having 

closed, less frequent (quarterly) reporting is warranted.

Eliminate the Administrative Activity Report (“Obligation Report”): This quarterly report 

provides data on administrative obligations by OFS office and is required under the annual 

Treasury appropriations bill. OFS has been prudent in the use of administrative funds and has 

been reducing obligations by approximately 20 percent per year over the last 5 years. 
OFS - 10

Section II - Annual Performance Plan and Report

A – Strategic Alignment

OFS’s continued wind-down efforts align with Treasury’s strategic goal of financial stewardship, 

specifically Objective 4.1 (financial data access and use), by winding down sun-setting programs 

responsibly while maximizing the financial benefit to taxpayers.

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 2017, 

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 

November 30, 2017, CPP has generated $226.8 billion in recoveries for taxpayers with six

institutions remaining in the program, for a total of $48 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

(CDFI) banks, thrifts, and credit unions. OFS invested $570 million in 84 CDFIs, of which 28 

institutions converted $363 million (including warrants) from CPP to CDCI. 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. By the end of January 2017, OFS completed 27 full and partial repurchases 

at fair value under the early repurchase option, for a total of $268 million in repayments. As of 

November 30, 2017, CDCI has generated $540 million in recoveries for taxpayers with 21

institutions remaining in the program, for a total of $68 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. MHA servicers were required to design policies and procedures to reasonably 

ensure that all MHA transactions were completed by December 1, 2017. As of November 30, 

2017, OFS had disbursed $18.2 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 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 
OFS - 11

make an additional $2.0 billion in commitments through the HHF. As of November 30, 2017,

OFS had disbursed $8.5 billion out of a possible $9.6 billion under the HFA Hardest Hit Fund.

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

which was intended to assist borrowers with negative equity. The program has seen limited 

participation. As such, OFS has incrementally reduced the LOC Facility supporting this program 

from an intial $8.0 billion to $27 million in FY 2017, which matches OFS’s maximum liability 

for loans covered by the program as of December 31, 2016, when the program ended for new 

refinances. As of November 30, 2017, the revised lifetime cost estimate for the program was

$17 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 automotive industry through the AIFP. As of November 30, 2017, OFS had

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.

B – Budget and Performance by Budget Activity

The authority for 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 and wind down these ongoing 

initiatives. OFS’s senior management is responsible for performance on its operational goals.
OFS - 12

Performance Metrics and FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2017 FY 2018 FY 2019

Indicators1 Actual Actual Actual Actual Target Actual Target Target

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 Congressional 

Constituent Correspondence 

Responses Completed within 10 

Business Days of Receipt3

100.0 92.0 50.0 66.8 100.0 87.5 100.0 N/A

Percentage of StatutorilyMandated Reports Submitted 

On-Time (ensure transparency 

of operations to the public)

80.0 99.0 100.0 94.7 100.0 96.3 100.0 100.0

Percentage of Customers 

Satisfied with 

FinancialStability.gov (Self 

Selected Respondents) (ensure 

transparency of operations to the 

public)

70.0 69.0 66.5 73.0 75.0 69.3 75.0 75.0

Percentage of FOIA Assignments 

On-Time or Less Than 30-Days 

Overdue (ensure transparency 

within the government) 2

N/A 15.0 13.0 56.6

33.0

85.0 33.0 66.0

Percentage of SIGTARP and 

GAO Oversight 

Recommendations Responded to 

On-Time (ensure transparency 

of operations to the public)

100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

1

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

 2The ‘Percentage of FOIA requests on-time or less than 30-days overdue’ was introduced in FY 2014 to best reflect reporting data.

 3The ‘Percentage of Congressional Constituent Correspondence Responses Completed within 10 Business Days of Receipt’ will be 

discontinued in FY 2019 due to low volume of actual correspondence received in FY 2016 and FY 2017.

C – 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 taxpayers. For CPP institutions, participating financial institutions may 

repay the funds they received at any time, with the approval of their regulators. OFS continues 

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

TARP. As of November 30, 2017, OFS had $48 million in outstanding CPP investments and 

$68 million in outstanding CDCI investments.

Manage the wind-down of TARP housing programs while continuing to help struggling 

homeowners avoid foreclosure

OFS’s second operational goal is to manage the wind-down of the TARP housing programs 

while continuing to help struggling homeowners avoid foreclosure for those programs that 
OFS - 13

remain open. MHA statutorily sunset in December 2016 and MHA servicers were required to 

design policies and procedures to reasonably ensure that all MHA transactions were completed 

by December 1, 2017. Under this program, as of November 30, 2017, more than 1.7 million 

homeowners have secured permanent mortgage modifications. In addition, HHF provides 

funding to 18 states and D.C. to assist struggling homeowners. In FY 2017, state HFAs 

continued to adapt their programs to best meet borrower needs in evolving economic and 

housing markets. In FY 2018, several HHF states will begin the initial phases of wind-down for 

their programs. 

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.

Continue to operate with the 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 the three oversight bodies charged with auditing and reviewing TARP activities. 

Section III - Additional Information

A – 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.