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GAO-20-218R 1 (2019-12-16)

handle is hein.gao/gaobaeait0001 and id is 1 raw text is: G A U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 December 16, 2019 Congressional Committees Troubled Asset Relief Program: Status Update on Treasury's Two Active Investment Programs The Emergency Economic Stabilization Act of 2008 (EESA) initially authorized the Department of the Treasury (Treasury) to distribute $700 billion in assistance to financial institutions and markets, businesses, homeowners, and consumers through the Troubled Asset Relief Program (TARP).1 However, 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 declined as financial institutions repaid some assistance and the government exited programs. Treasury created the Office of Financial Stability (OFS) to manage TARP activities and programs, which have included a variety of bank investment, credit market, housing, and other programs focused on stabilizing the U.S. financial system, restarting economic growth, and preventing avoidable foreclosures. Under OFS, TARP has injected capital into key financial institutions, implemented programs to address problems in the securitization markets, provided assistance to the automobile industry, and offered incentives for modifying residential mortgages. EESA, as amended, includes a provision that GAO report at least annually on TARP activities and performance.3 Since then, we have been monitoring, analyzing, and providing 4 updates on TARP programs in response to this provision. This report provides an update on the status of Treasury's investment and participation in the remaining TARP investment programs, as of September 30, 2019. Specifically, this report looks at two programs: 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)). 3EESA included a provision that GAO report at least every 60 days on TARP activities and performance. The GAO Mandates Revision Act of 2016 revised GAO's reporting requirement to annually. See Pub. L. No. 114-301, § 3(a), 130 Stat. 1514 (codified at 12 U.S.C. § 5226(a)(3)). 4See, for example, our recent reports on TARP investment programs: GAO, Troubled Asset Relief Program: Few Participants Remain as Treasury Continues to Wind Down Capital Purchase Program, GAO-1 7-422 (Washington, D.C.: Mar. 29, 2017); Troubled Asset Relief Program: New Effort to Wind Down the Community Development Capital Initiative, GAO-1 7-96 (Washington, D.C.: Nov. 4, 2016); Troubled Asset Relief Program: Status of Remaining Investment Programs, GAO-1 6-91 R (Washington, D.C.: Nov. 3, 2015); Troubled Asset Relief Program: Status of GAO Recommendations, GAO-1 5-813 (Washington, D.C.: Sept. 4, 2015); and Community Development Capital Initiative: Status of the Program Investments and Participants, GAO-1 5-542 (Washington, D.C.: May 5, 2015). GAO-20-218R TARP: Status of Investment Programs Page 1

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