Troubled Asset Relief Program: Status of Programs and Implementation of GAO Recommendations
Highlights
Since the Troubled Asset Relief Program (TARP) was implemented, GAO has issued more than 40 reports containing more than 60 recommendations to the Department of the Treasury (Treasury). This report assesses the status of Treasury's implementation of GAO's recommendations and current condition of TARP. Specifically, this 60-day report provides information on (1) the condition and status of active TARP programs; (2) Treasury's progress in implementing an effective management structure, including staffing for the Office of Financial Stability (OFS), overseeing contractors, and establishing a comprehensive system of internal control; and (3) trends in the status of key relevant economic indicators. GAO reviewed relevant documentation from various TARP programs and met with OFS officials and financial regulators. GAO also used information from existing reports and ongoing work.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Office of Financial Stability | As TARP enters its next phase, OFS must continue to build on its past experiences and take steps to better ensure that it is effectively managing its programs and resources. Therefore, OFS should finalize a plan for addressing how it will manage its workforce, in particular term-appointed employees and key SES positions, including plans for various staffing scenarios. |
The Department of Treasury, Office of Financial Stability (OFS), submitted to GAO a finalized Staffing and Development Plan for fiscal years 2011-2012. This plan includes, among other things, information on succession planning for key term-appointed OFS employees, including those in key senior executive service (SES) positions and other personnel. The plan also provides a strategy for how OFS will continue to meet staffing needs as programs wind down. Such succession and workforce planning better helps OFS manage its workforce under various staff turnover scenarios and more effectively manage resources for the Troubled Asset Relief Program (TARP). This finalized plan addresses our recommendation for a finalized plan to address workforce management issues.
|