Treasury Department Sends TARP Report to Congress

Interim Assistant Treasury Secretary for Financial Stability Neel Kashkari today addressed the TARP oversight concerns outlined by the GAO last week. Today's speech addressed the Treasury Department's actions taken since the inception of TARP to bring the program and program participants into compliance (Click here to read the entire speech). Specifically, the Emergency Economic Stabilization Act requires the Treasury Department to provide Congress with a detailed report within 60 days of the Treasury Department's first action under TARP. The report was delivered to Congress on Friday, December 5, 2008, and you can click here to read it. The report includes a complete list of transactions under the Capital Purchase Program, which provides financial institutions liquidity in exchange for shares held by the Treasury Department, from October 28, 2008 through November 25, 2008.

Click here for Hunton & William's prior posting on the GAO Report.

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