Special Inspector General for the Troubled Asset Relief Program

Program Summary by Budget Activity

Dollars in Thousands

Summary

The FY 2017 President’s Budget request for 

the Special Inspector General for the 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. Through open and 

transparent communication with Congress, 

SIGTARP also supports Treasury’s Strategic 

Goal 5: Create a 21st-century approach to 

government by improving efficiency, 

effectiveness, and customer interaction. 

SIGTARP promotes the efficiency and 

effectiveness of TARP management through 

transparency, coordinated oversight, and 

robust enforcement. Congress created 

SIGTARP to protect taxpayers who funded the 

TARP from fraud, waste, and abuse through 

SIGTARP oversight and audits, and through 

investigations to combat fraud and other 

crime. SIGTARP is a white-collar law 

enforcement agency with the authority to 

search, seize, and arrest. Fraud prevention and 

law enforcement are at the heart of 

SIGTARP’s mission. 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 

FY 2015 FY 2016 FY 2017

Budget Activity Enacted Enacted Request Change % Change

Audit 9,243 8,870 8,644 (226) -2.55%

Investigations 24,991 31,801 32,516 715 2.25%

Subtotal Appropriated Resources $ 34,234 $ 40,671 $ 41,160 $ 489 1.20%

Unobligated Balances from Prior Years 10,957 6,495 3,790 (2,705) -41.65%

Available PPIP Funds 965 928 1,548 620 66.81%

Total Program Operating Level $ 46,156 $ 48,094 $ 46,498 $ (1,596) -3.32%

Total FTE 192 192 192 N/A N/A

FY 2015 FY 2016 FY 2017

Budget Activity Enacted Enacted Request Change % Change

Audit 12,201 10,266 9,440 (826) -8.05%

Investigations 33,955 37,828 37,058 (770) -2.04%

Total SIGTARP by Budget Activity $ 46,156 $ 48,094 $ 46,498 $ (1,596) -3.32%

Total FTE 192 192 192 N/A N/A

FY 2016 to FY 2017

FY 2016 to FY 2017
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 2017 President’s Budget 

request will provide resources to (1) detect, 

stop, and investigate crime related to TARP; 

(2) support prosecutions of those defendants 

SIGTARP investigates; and (3) provide 

oversight and transparency over TARP-funded 

housing programs.

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. 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 at least the year 2023.

SIGTARP FY 2017 Budget Highlights

Dollars in Thousands

FY 2017 Budget Adjustments

Maintaining Current Level (MCLs)

Pay-Raise +$303,000 / +0 FTE

Funds are requested for the proposed 

January 2017 pay-raise.

Pay Annualization +$101,000 / +0 FTE

Funds are requested for annualization of the 

January 2016 pay-raise.

Non-Pay +$184,000 / +0 FTE

Funds are requested for inflation adjustments 

in non-labor expenses such as GSA rent 

adjustments, postage, supplies, and equipment.

Technical FTE Adjustment -$0 / -8 FTE

The technical FTE adjustment reduces the 

appropriated FTE level but does not reduce 

SIGTARP’s overall FTE levels. The eight 

FTE will be absorbed in SIGTARP’s PPIP 

fund to more accurately reflect work 

performed and prior year usage.

Efficiency Savings -$99,000 / -8 FTE

SIGTARP will reduce costs through 

efficiencies identified in technology 

investments.

Explanation of Budget Activities

Audit ($8,644,000 from direct appropriations)

The Audit budget activity supports 

SIGTARP’s priority of coordinated oversight 

by providing recommendations to Treasury to 

improve the effectiveness and efficiency of 

TARP programs; to bring transparency to 

decisions made in TARP; and to 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 TARP.

Investigations ($32,516,000 from direct 

appropriations)

The Investigations budget activity 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 

Special Inspector General for TARP FTE Amount

FY 2016 Enacted 192 $40,671 

Changes to Base:

Maintaining Current Levels (MCLs): $588 

Pay raise 303 

Pay annualization 101 

Non-pay 184 

Efficiency Savings (8) $(99)

Technical FTE Adjustment (8)

Efficiency Savings (99)

Subtotal Changes to Base (8) $489 

Total FY 2017 Base 184 $41,160 

Total FY 2017 Request 184 $41,160 
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 2013 FY 2014 FY 2015 FY 2016 FY 2017

Actual Actual Actual Target Target

Audit Number of Completed Audit Products 

(Units) 10 10 8 DISC DISC

Audit

Number of Completed Audit Products 

Including Referrals to Investigations 

Division (Units)

N/A N/A N/A 7 7

Audit

Percentage of Congressional Inquiries 

Responded to within 45 Days of 

Receipt (%)

N/A N/A 100 85 85

Investigations

Percentage of Cases Accepted for 

Consideration by Civil or Criminal 

Authorities Resulting in a Positive 

Final Outcome (%)

N/A N/A N/A 60 70

Investigations

Percentage of Cases Presented to 

Civil or Criminal Authorities Within 

Eight Months of the Case Being 

Opened (%)

N/A N/A N/A 70 70

Investigations Percentage of Cases that are Joint 

Agency/Task Force Investigations (%) 79 76 70 70 70

Investigations

Percentage of Hotline Complaints 

Responded to or Referred for 

Investigation or further action with 14 

days of Receipt (%)

 83 95 94 DISC DISC

Investigations Percentage of Investigations Accepted 

for Consideration by Prosecutors (%) 94 98 95 DISC DISC

Investigations

Percentage of Preliminary 

Investigations Converted to full 

Investigations within 180 days (%)

 82 96 100 80 80

Key: DISC - Discontinued
Description of Performance

The performance measure “Number of 

Completed Audit Products” includes issuing 

audit products that promote the efficiency and 

effectiveness of TARP and prevent waste, 

fraud, and abuse. 

SIGTARP met its target of eight audit 

products for FY 2015. In recognition of the 

shift of increasing resources to law 

enforcement and to reflect expected results of 

the new forensic audit unit, SIGTARP 

changed this target in FY 2016 to more 

accurately reflect the relationship between the 

Audit and Investigations activities. The new 

measure, “Number of Completed Audit 

Products including Referrals to Investigations 

Division,” tracks the ties between the two 

activities and continues to measure the number 

of audit reports that promote the efficiency and 

effectiveness of TARP. The target for this new 

metric is seven in FY 2016 and seven in 

FY 2017.

In FY 2015, SIGTARP added a new measure 

to track the responsiveness of information flow 

between SIGTARP and Congress. 

“Percentage of Congressional Inquiries 

Responded to within 45 days of Receipt”

tracks SIGTARP’s promptness in providing 

developments of its oversight activities to 

Congress. In FY 2015, SIGTARP exceeded 

its 85 percent target in all inquiries, responding 

within 45 days 100 percent of the time. 

SIGTARP’s targets are 85 percent for 

FY 2016 and 85 percent for FY 2017.

The SIGTARP Hotline has analyzed more than 

34,968 Hotline contacts. The “Percentage of 

Hotline Complaints Responded to or Referred 

for Investigation or Further Action within 

14 Days of Receipt” was almost 94 percent for 

FY 2015, exceeding the target of 75 percent. 

As SIGTARP transitions to alternative means 

of uncovering TARP-related crimes, it is 

discontinuing this measure in FY 2016. 

Instead, SIGTARP will measure the 

“Percentage of Cases Accepted for 

Consideration by Civil or Criminal Authorities 

Resulting in a Positive Final Outcome.” For 

this new metric, SIGTARP’s targets are 

60 percent for FY 2016 and 70 percent for 

FY 2017.

During FY 2015, “Percentage of Investigations 

Accepted for Consideration by Prosecutors” 

was more than 95 percent, exceeding the target 

of 70 percent. SIGTARP will discontinue this 

performance metric in FY 2016 and replace it 

with “Percentage of Cases Presented to Civil 

or Criminal Authorities within Eight Months 

of the Case Being Opened.” The targets for 

this new metric are 70 percent in FY 2016 and 

70 percent in FY 2017.

In FY 2015, “Percentage of Cases That are 

Joint Agency/Task Force Investigations” with 

other law enforcement agencies was just under 

70 percent, exceeding the target of 50 percent. 

SIGTARP’s target is 70 percent for FY 2016 

and 70 percent for FY 2017.

In FY 2015, “Percentage of Preliminary 

Investigations Converted to Full Investigations 

within 180 days” was 100 percent, exceeding 

the target of 70 percent. As SIGTARP has 

gained expertise in investigating TARP-related 

crime, it has efficiently leveraged its resources 

to handle its growing inventory and to 

expedite these investigations. As SIGTARP’s 

workforce has evolved, so has its ability to 

respond quickly to allegations and to devote 

the necessary resources. SIGTARP has 

involved prosecutors in preliminary 

investigations to ensure that allegations, if 

proven, will be prosecuted. The result is a 

greater number of preliminary investigations 

converted to full investigations within the 180-

day timeframe. Based on these efficiencies, 

future targets will increase to 80 percent in 

FY 2016 and 80 percent in FY 2017.