Geithner Grilled on GAO's TARP Findings
Treasury Secretary Timothy Geithner sat for several television interviews yesterday, on the sidelines of the G-20 summit in London. On the "CBS Evening News," Katie Couric pressed the secretary (starting around 1:10) to justify the Government Accountability Office's findings that Treasury still lacks the resources necessary to track how banks have spent TARP funds.
"We are moving very quickly Katie to make sure we have in place strong transparency, strong conditions on this assistance, stronger tracking mechanisms, and we're committed to the strongest possible oversight, not just by the Congressional oversight panel, but by the Treasury inspector generals, by the GAO and where they propose things that will make our programs stronger, we will adopt them," Geithner said.
Asked if Treasury is acting too late to track the banks' spending, Geithner replied:
"I've been secretary of treasury for two months. ... If you look at the new commitments we've made, we're bringing the strongest standards of transparency and accountability to those programs."
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