More Work Needs to be Done

The Government Accountability Office ("GAO") released an interim progress report on the U.S. Treasury's management of the Troubled Asset Relief Program ("TARP").  For the most part, the GAO reported that the program continues to be a work in process with a good deal of work remaining.  Here is a summary of their viewpoint.

Treasury has taken important steps to implement all nine previous recommendations, but has yet to fully address eight. This report includes recommendations that Treasury further expand its efforts to monitor how CPP recipients are using program funds and more clearly articulate and communicate a strategic vision for the program. Addressing these and other recommendations would help ensure greater accountability and transparency and better enable Treasury to effectively manage TARP. Treasury generally agreed with the contents of the report and noted that while progress has been made in overseeing the program, it agreed that more work needs to be done.

Given the recent transition in administration and the myriad of activities that have already occurred (see timeline below), it is not surprising that the strategy for TARP is still unclear.  However, now that the new leadership team is on board, the progress will need to be accelerated.  Stay tuned.