TARP Oversight, Transparency Still Needs Improvement
The folks at Treasury are flying blind when it comes to the many dollars they're spending on the Troubled Asset Relief Program, better known by the unfortunate acronym, TARP.
That's the gist of testimony from GAO chief, Gene Dodaro. Speaking to the subcommittee on oversight and investigations of the House financial services committee, Dodaro stressed the need for better oversight of the $300 or so billion that has been disbursed to banks so far.
Ok, we all sort of know there's a lack of information about how the money is being used and to what effect. But seeing his statement in print add gravity and detail to the message.
He offered a long list of recommendations. They include:
"- continue to expeditiously hire personnel needed to carry out and oversee TARP.
- expedite efforts to ensure that sufficient personnel are assigned and properly trained to oversee the performance of all contractors, especially for contracts priced on a time-and-materials basis, and move toward fixed-price arrangements whenever possible as program requirements are better defined over time."
There's also this, a mondo question about whether anyone will be able to determine the impact of all this spending, even if it is done with good oversight and transparency:
"Finally, given the fact that program actions have only recently occurred and that there are time lags in the reporting of available data, it is too early in the program's implementation to see measurable results in many areas. Even with more time and better data, it will remain difficult to separate the impact of TARP activities from the effects of other economic forces."
By Robert O'Harrow |
February 25, 2009; 6:02 AM ET
Previous: Department of Energy Loses Track of Radioactive Material | Next: Contractors: Boost Needed For Civil Servants Overseeing Stimulus
Please email us to report offensive comments.
Posted by: pkbishop | February 25, 2009 3:10 PM
Posted by: mrainh | February 26, 2009 9:13 AM
The comments to this entry are closed.