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GAO-16-91R 1 (2015-11-03)

handle is hein.gao/gaobaajka0001 and id is 1 raw text is: G A U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 November 3, 2015 Congressional Committees Troubled Asset Relief Program: Status of Remaining Investment Programs The Emergency Economic Stabilization Act of 2008 (EESA) initially authorized $700 billion to assist financial institutions and markets, businesses, homeowners, and consumers through the Troubled Asset Relief Program (TARP). 1 TARP investments and programs were intended to provide confidence that the U.S. government would help address the greatest threat the financial markets and economy had faced since the Great Depression. As the severity and immediacy of the 2008 financial crisis began to diminish, Congress reduced the authorized amount to a maximum of $475 billion as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.2 TARP costs were not expected to reach the authorized amounts, and over time the projected costs had declined as financial institutions repaid some assistance and the government exited programs. Under EESA, the Department of the Treasury (Treasury) established initiatives through TARP to help stabilize the U.S. financial system, restart economic growth, and prevent avoidable foreclosures, including a variety of bank investment, credit market, housing, and other programs. Treasury established the Office of Financial Stability (OFS) to carry out TARP activities. These activities included injecting capital into key financial institutions, implementing programs to address problems in the securitization markets, providing assistance to the automobile industry, and offering incentives for modifying residential mortgages. EESA provided GAO with broad oversight authorities for actions taken under TARP and included a provision that GAO report at least every 60 days on TARP activities and performance.3 As a result, we have continued to monitor and provide updates on TARP programs.4 This 60-day report provides an update on the status of Treasury's returns on 1Pub. L. No. 110-343, tit. 1, 122 Stat. 3765, 3767-3780 (codified as amended at 12 U.S.C. §§ 5211-5241). 2pub. L. No. 111-203, § 1302, 124 Stat. 1376, 2133 (2010) (codified at 12 U.S.C. §5225(a)). 3Section 116 of EESA, 122 Stat. at 3783-3786 (codified at 12 U.S.C. § 5226). 4See, for example, our recent reports on TARP programs: GAO, Troubled Asset Relief Program: Status of GAO Recommendations, GAO-1 5-813 (Washington, D.C.: Sept. 4, 2015); Troubled Asset Relief Program: Treasury Could More Consistently Analyze Potential Benefits and Costs of Housing Program Changes, GAO-1 5-670 (Washington, D.C.: July 6, 2015); Community Development Capital Initiative: Status of the Program Investments and Participants, GAO1 5-542 (Washington, D.C.: May 5, 2015); Troubled Asset Relief Program: Treasury Continues to Wind down Most Programs, but Housing Programs Remain Active, GAO-1 5-197 (Washington, D.C.: Jan. 6, 2015); Financial Audit: Office of Financial Stability (Troubled Asset Relief Program) Fiscal Years 2014 and 2013 Financial Statements, GAO-1 5-132R (Washington, D.C.: Nov. 7, 2014); and Troubled Asset Relief Program: Treasury Could Better Analyze Data to Improve Oversight of Servicers' Practices, GAO-I 5-5 (Washington, D.C.: Oct. 6,2014). GAO-16-91R TARP: Status of Remaining Investment Programs Page 1

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