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CU System
Wash. league commends TARP special inspector
FEDERAL WAY, Wash. (9/10/09)--The Washington Credit Union League last week commended the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), Neil Barofsky, for asserting his office’s autonomy from the U.S. Department of Treasury, in tracking money spent to bail out the financial system through TARP. The letter called the move “essential” to investigations and audits of the biggest bank bailout in history. The letter was written on the heels of Treasury withdrawing a request to the Justice Department that sought a legal opinion on how much independence is given to the Special Inspector General, who tracks money spent through TARP to bail out the financial system. “The stand taken by the Special Inspector General is important for institutional independence as industry leaders devise a plan for prosperity in the 21st century,” said league President/CEO John Annaloro. Meanwhile, Barofsky told members of Congress in a letter that Treasury’s withdrawal of its request for an opinion is acknowledgement of SIGTARP’s independence. The letter to Barofsky also conveyed appreciation from Washington credit unions for the achievements made to date and also the important role the Special Inspector General is fulfilling in the administration of the U.S. government’s efforts to rebuild the financial sector.


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