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Washington
Financial Services Committee to study GAO TARP report
WASHINGTON (12/5/08)--House Financial Services Committee Chairman Barney Frank (D-Mass.) Thursday announced that the committee will hold a hearing to examine oversight concerns regarding the U.S. Treasury Department’s conduct of the Troubled Asset Relief Program (TARP). This hearing announcement follows the unveiling of a report by the Government Accountability Office (GAO) on the Treasury’s implementation of TARP. In announcing the hearing, Frank noted he has been highly critical of the way the Treasury has handled the Capital Purchase Program, a part of TARP. And, referring to the GAO report, Frank said in a Dec. 3 release, "The American people received two kinds of news about the TARP program – bad and worse news.” He said the report confirms that Treasury has no way to measure whether taxpayer funds invested in banks are being used in accordance with the purpose of the law. He added, “The much worse news is Treasury's response that it does not even have the intention of doing so.” Witnesses have not yet been announced for the Dec. 10 hearing.


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