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TARP Oversight Report

TARP Oversight Report

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Published by Milton Recht
Congressional Oversight Panel October 2010 TARP Report Examining Use of Private Contractors
Congressional Oversight Panel October 2010 TARP Report Examining Use of Private Contractors

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Published by: Milton Recht on Oct 14, 2010
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05/24/2012

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SIGTARP and the Government Accountability Office (GAO) have also played a

meaningful role in guiding Treasury‟s implementation of its contracting authority.

a. SIGTARP

During the early months of the TARP, SIGTARP made two recommendations related to
the Secretary‟s contracting authority:

(1) That all TARP contracts be posted on the Treasury website; and

(2) That transparency and oversight-related language be inserted in recent TARP contracts.

Treasury took steps to address these recommendations, as described in SIGTARP‟s initial
report to Congress on February 6, 2009. According to SIGTARP, Treasury adopted the first
recommendation “in full.” With respect to the second recommendation, Treasury did not adopt
such language in its initial contracts, but it did adopt it in some subsequent agreements with large

51

See Section B.2, supra.

52

Documents provided to Panel staff by Treasury staff (Aug. 27, 2010).

53

U.S. Department of the Treasury, Financial Agent Oversight Policy, at 4 (Apr. 30, 2010) (hereinafter

“Treasury Financial Agent Oversight Policy”).

17

financial institutions.54

SIGTARP asserted that these subsequent agreements were “far superior

than earlier contracts from an oversight perspective.”55

b. GAO

In several of its reports, GAO provided Treasury with recommendations for improving its

contracting procedures. For example, in its March 19, 2009 report on the “Status of Efforts to
Address Transparency and Accountability Issues,” GAO recommended that Treasury “expedite

efforts to ensure that sufficient personnel are assigned and properly trained to oversee the
performance of all contractors, especially for contracts priced on a time-and-materials basis.”56
Similarly, in its June 2009 report, GAO recommended that Treasury should “explore options for
providing to the public more detailed information on the costs of TARP contracts and

agreements, such as a dollar breakdown of obligations and/or expenses.”57

Several additional

recommendations are included in other GAO reports. For example, GAO recommended that
“[f]or contracting oversight … Treasury review and renegotiate existing conflict-of-interest
mitigation plans, as necessary, to enhance specificity and conformity with the new interim
conflicts of interest regulation and that it take continued steps to manage and monitor conflicts of

interest and enforce mitigation plans.” 58

According to both Treasury and GAO, Treasury took meaningful steps to address several
of these recommendations. In its February 24, 2009 and March 19, 2009 reports, for instance,

GAO noted that “consistent with our recommendation about contracting oversight, Treasury has

enhanced such oversight by tracking costs, schedules, and performance and addressing the

training requirements of personnel who oversee the contracts.”59

Treasury also tracks some of

54

Office of the Special Inspector General for the Troubled Asset Relief Program, Initial Report to the

Congress, at 5 (Feb. 6, 2009) (online at

www.sigtarp.gov/reports/congress/2009/SIGTARP_Initial_Report_to_the_Congress.pdf) (hereinafter “SIGTARP
Initial Report to the Congress”).

55

Id. at 5.

56

See U.S. Government Accountability Office, Troubled Asset Relief Program: Status of Efforts to Address
Transparency and Accountability Issues
, at 3, 12 (Mar. 19, 2009) (GAO-09-484T) (online at
www.gao.gov/new.items/d09484t.pdf) (hereinafter “March 2009 GAO Report on Transparency and
Accountability”). This recommendation was included in other GAO reports as well. See, e.g., U.S. Government
Accountability Office, Troubled Asset Relief Program: Status of Efforts to Address Transparency and
Accountability Issues
, at 3 (Feb. 24, 2009) (GAO-09-417T) (online at www.gao.gov/new.items/d09417t.pdf)

(hereinafter “February 2009 GAO Report on Transparency and Accountability”).

57

U.S. Government Accountability Office, Troubled Asset Relief Program: June 2009 Status of Efforts to
Address Transparency and Accountability Issues
, at 84 (June 2009) (GAO-09-658) (online at

www.gao.gov/new.items/d09658.pdf) (hereinafter “June 2009 GAO Report on Transparency and Accountability”).

58

See, e.g., March 2009 GAO Report on Transparency and Accountability, supra note 56, at 13.

59

February 2009 GAO Report on Transparency and Accountability, supra note 56, at 5; March 2009 GAO
Report on Transparency and Accountability, supra note 56, at 4.

18

these recommendations, noting the status of its progress and providing extensive detail on the
steps it has taken to address the recommendations.60

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