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EDOLPHUS
TOWNS.
NEW
YORK
CHAIRMANDARRELL E.
ISSA,
CALIFORNIA
RANKINGMINOBITY
MEMBER
ONE HUNDRED ELEVENTH CONGRESS
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COMMITTEE ON
OVERSIGHT
AND
GOVERNMENT
REFORM
2157
Rnveunru
House
OrplceBurlolruc
Wnsun¡cron,DC
20515-6143
Majority
(202)
225-5051
Minority
(202)225-5074
May 5,2009
The Honorable
Timothy
Geithner
Secretary
U.S.
Department
of
the Treasury
1500
PennsylvaniaAvenue,N'WWashington,
D.C.
20220Dear SecretaryGeithner:
As of
March3l,2009,the
TreasuryDepartment
("Treasury")
hasannounced
plans
for
the
allocation
of
$590
billion
of
the$700
billion
Congress
authorized
it
to
spend
underthe
Troubled
Asset
Relief
Program
("TARP").
Unfortunately,
according to theSpecialInspector General
for TARP
("SIGTARP"),
Treasury
has
failed toinstitute
minimum
standards
of
transparency
and
accountabilityfor
the
use
of
taxpayerfundsdistributed
to
f,rnancial
institutions
through
TARP.T
Treasury
has also
failed to
develop
a
coherentstrategy
for
managingthe
assets
it
has
purchased
with
taxpayer
money.' It
is
troubling
thatTreasury
can
not
even
tell
the
American
peoplewhat
these
assets are
worth.I
amdisturbed
by
the
Obama
Administration's
continuation
of the
ad
hoc
and
incoherentapproach
of
theBush
Administrationto
the
financial
crisis,
an approach
that
has
resulted
in
an
unprecedentedand
counterproductivetaxpayer
bailout of
failing
financialinstitutions.I
believe
this
approachthreatens
the
innovation
and
vitality
that
has
made
the
American
economythe
strongest
in
the
world.
Lack
of
Transparency
and
Accountabilityin
TARP Expenditures
The
American
people
have
a
right toknowhow their
money
is
being
used
to bail
outthe
financial system.
President
Obama
promised
anunprecedented
level
of
transparency
and
accountability
for
TARP
and expressed
his
dissatisfaction
with
theBush
Treasury's
"failure
to track
how
themoney
has
been
spent."3Yetin
its
latest
report
I
See
SIGTARP,QuarterlyReport to
Congress,
(April21,2009).
2
Id.
3
See
President-elect
Baraçk
Obama remarks,
(January12,2009),qvailableat
http
://frrstread.msnbc.msn.
com./archive
12009
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