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Congressional Oversight Panel
OCTOBEROVERSIGHT REPORT
*
 
October 14,2010
*
Submitted under Section 125(b)(1) of Title 1 of the Emergency EconomicStabilization Act of 2008, Pub. L. No. 110-343
 
Examining Treasury’s Use of Financial Crisis
Contracting Authority
 
 
2
Table of Contents
 
Executive Summary .............................................................................................................5Section One:A. Background ..............................................................................................................7B. Provisions that Govern TARP Contracts and Agreements ....................................101. EESA.................................................................................................................102. Federal Acquisition Regulation ........................................................................113. Interim Final Rule on TARP Conflicts of Interest ............................................13
4. Treasury‟s Internal
Policies ..............................................................................165. Recommendations by Oversight Bodies ...........................................................16C. How Treasury Decided What Functions to Outsource ..........................................181. In-house vs. Outsourcing Determinations.........................................................182. Distinctions Between Financial Agency and Contracting Arrangements .........203. Additional Factors Affecting Initial Determinations ........................................204. Unique Backdrop Weighed Heavily on Determinations ..................................23D. Description of Contracts and Agreements .............................................................241. Procurement Contracts ......................................................................................262. Financial Agency Agreements ..........................................................................34E.
Evaluation of Treasury‟s Contracting and Agreement Procedures
and Process.............................................................................................................381. Compliance with Legal Obligations .................................................................38
2. Compliance with Treasury‟s
Internal Controls .................................................40
 
 
33. Evaluation of How Treasury Selects Contractors and Agents ..........................42
4. Evaluation of Treasury‟s Pos
t-Award Management of Contractsand Agreements ...............................................................................................43F. Evaluation of Small Business Arrangements .........................................................51G. Evaluation of Transparency and Accountability ....................................................551. Transparency .....................................................................................................562. Accountability ...................................................................................................60H. Discussion of Conflicts of Interest .........................................................................621. Treasury Gives Preferential Treatment to a Retained Entity ............................632. Retained Entity Serves its own Interest and Not the Public Interest ................673
. Retained Entity Serves its Clients‟ Interest and Not the Public
Interest..............................................................................................................684. Retained Entity Uses Nonpublic Information to Benefit Itself orits Clients .........................................................................................................695. Does the IFR Alleviate Conflicts of Interest? ...................................................70I. Activities of Other Oversight Bodies .....................................................................71J. Conclusion and Recommendations ........................................................................72Annex I: Fannie Mae and Freddie Mac: A Case Study ...............................................75A. Role of Fannie Mae in HAMP ...............................................................................77B. Role of Freddie Mac in HAMP ..............................................................................77C.
Analysis of Treasury‟s Selection of Fannie Mae and Freddie Mac
.......................78D. Discussion of Conflicts of Interest .........................................................................82E. Evaluation of Small Business Contracting ............................................................86F. Evaluation
of Treasury‟s Monitoring
.....................................................................87G. Performance Assessment Made Challenging by Insufficient Reporting ...............91
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