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Oversight of the Troubled Asset Relief Program
The Emergency Economic Stabilization Act created the Troubled Asset Relief Program to administer up to $700 billion. Several oversight mechanisms are established by the bill, including the Congressional Oversight Panel, the Special Inspector General for TARP (SIGTARP), the Financial Stability Oversight Board, and additional requirements for the Government Accountability Office (GAO) and the Congressional Budget Office (CBO).
The Financial Stability Oversight Board was created to review and make recommendations regarding the Treasury's actions. Its purpose is to review the operation of TARP, to make recommendations to the Treasury for improvements, and to watch for fraud and misrepresentation. The FSOB also has the power to ensure that the Treasury follows policies in accordance with the Act and the economic interest of the U.S. It is to meet on a monthly basis and report to Congress and the Oversight Panel quarterly.
The members of the board are:
The Congressional Oversight Panel was mandated by Title 1, Section 125 of the TARP legislation as an "establishment in the legislative branch". The Congressional Oversight Panel was charged with the job of reviewing the state of the markets, current regulatory system, and the Treasury Department's management of the Troubled Asset Relief Program. The panel was required to report their findings to Congress every 30 days, counting from the first asset purchase made under the program. The panel was also required to submit a special report to Congress about regulatory reform on or before January 20, 2009. The Congressional Oversight Panel was initially scheduled cease to exist on December 31, 2009, though it was later renewed through early 2011.
The panel consisted of five outside experts appointed as follows:
The first meeting of this board was held Wednesday, November 25, 2008, and elected Elizabeth Warren as the chairperson and Damon Silvers as deputy chairperson. As no assets had yet been purchased, (OFS instead chose to provide $250 billion to banks through the Capital Purchase Program) it is not clear whether the requirement to report after 30 days from "first asset purchase" has been violated.
On December 8, 2009, the government's financial bailout program concluded in a year-end review that, despite flaws and lingering problems, the program “can be credited with stopping an economic panic.” Also on this date, Rep. Jeb Hensarling stepped down from the panel, submitting his letter of resignation. Hensarling was replaced by Mark McWatters, a Dallas lawyer and certified public accountant who has served as an advisor to Hensarling.
On October 1, 2010, Senator Ted Kaufman of Delaware was appointed by Majority Leader Reid to replace Warren on the panel, as Warren resigned to focus on her duties at the Consumer Financial Protection Bureau. Three days later, Kaufman was unanimously elected as the panel's second chairperson. Kaufman was succeeded in Congress by Senator Chris Coons on November 15, 2010, but he remained chairperson of the Congressional Oversight Panel until its dissolution in 2011.
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Oversight of the Troubled Asset Relief Program
The Emergency Economic Stabilization Act created the Troubled Asset Relief Program to administer up to $700 billion. Several oversight mechanisms are established by the bill, including the Congressional Oversight Panel, the Special Inspector General for TARP (SIGTARP), the Financial Stability Oversight Board, and additional requirements for the Government Accountability Office (GAO) and the Congressional Budget Office (CBO).
The Financial Stability Oversight Board was created to review and make recommendations regarding the Treasury's actions. Its purpose is to review the operation of TARP, to make recommendations to the Treasury for improvements, and to watch for fraud and misrepresentation. The FSOB also has the power to ensure that the Treasury follows policies in accordance with the Act and the economic interest of the U.S. It is to meet on a monthly basis and report to Congress and the Oversight Panel quarterly.
The members of the board are:
The Congressional Oversight Panel was mandated by Title 1, Section 125 of the TARP legislation as an "establishment in the legislative branch". The Congressional Oversight Panel was charged with the job of reviewing the state of the markets, current regulatory system, and the Treasury Department's management of the Troubled Asset Relief Program. The panel was required to report their findings to Congress every 30 days, counting from the first asset purchase made under the program. The panel was also required to submit a special report to Congress about regulatory reform on or before January 20, 2009. The Congressional Oversight Panel was initially scheduled cease to exist on December 31, 2009, though it was later renewed through early 2011.
The panel consisted of five outside experts appointed as follows:
The first meeting of this board was held Wednesday, November 25, 2008, and elected Elizabeth Warren as the chairperson and Damon Silvers as deputy chairperson. As no assets had yet been purchased, (OFS instead chose to provide $250 billion to banks through the Capital Purchase Program) it is not clear whether the requirement to report after 30 days from "first asset purchase" has been violated.
On December 8, 2009, the government's financial bailout program concluded in a year-end review that, despite flaws and lingering problems, the program “can be credited with stopping an economic panic.” Also on this date, Rep. Jeb Hensarling stepped down from the panel, submitting his letter of resignation. Hensarling was replaced by Mark McWatters, a Dallas lawyer and certified public accountant who has served as an advisor to Hensarling.
On October 1, 2010, Senator Ted Kaufman of Delaware was appointed by Majority Leader Reid to replace Warren on the panel, as Warren resigned to focus on her duties at the Consumer Financial Protection Bureau. Three days later, Kaufman was unanimously elected as the panel's second chairperson. Kaufman was succeeded in Congress by Senator Chris Coons on November 15, 2010, but he remained chairperson of the Congressional Oversight Panel until its dissolution in 2011.