Troubled Asset Relief Program: Status of GAO Recommendations to Treasury

Nearly 3 years ago, the Emergency Economic Stabilization Act of 2008 (EESA) authorized the creation of the Troubled Asset Relief Program (TARP) to address the most severe crisis that the financial system had faced in decades. EESA provided GAO with broad oversight authorities for actions taken under TARP and required that we report at least every 60 days on TARP activities and performance. Our oversight and reporting has resulted in 69 performance audit recommendations and matters for congressional consideration to improve TARP's accountability and transparency. Sixty of the performance audit recommendations have been directed to the U.S. Department of the Treasury (Treasury), the primary agency responsible for TARP programs. While Treasury has taken a number of steps to address many of our recommendations, some recommendations remain outstanding. This 60-day report describes the status of our TARP performance audit recommendations to Treasury as of September 2011. In particular, this report discusses Treasury's implementation of our recommendations, focusing particularly on two cross-cutting issues--communications and staffing--and two major TARP programs, the Capital Purchase Program (CPP), which supports certain U.S. financial institutions, and Making Home Affordable (MHA), which is a collection of housing programs designed to help certain homeowners avoid foreclosure.