The Treasury Department's Troubled Asset Relief Program was originally authorized to spend $700 billion to help prevent the U.S. financial system's collapse in 2008. As of September 30, 2020, TARP disbursed $442.9 billion. After repayments, dividends, and more, the estimated lifetime cost of TARP programs will be $32.1 billion.
We audit TARP's financial statements each year and issue an opinion on them, as well as on the effectiveness of its internal controls (e.g., ability to ensure that transactions are properly authorized and recorded). In 2020, we found the statements were reliable and that controls over financial reporting were effective.
What GAO Found
Why GAO Did This Study
The Emergency Economic Stabilization Act of 2008 (EESA) that authorized TARP on October 3, 2008, includes a provision for TARP, which is implemented by OFS, to annually prepare and submit to Congress and the public audited fiscal year financial statements that are prepared in accordance with U.S. generally accepted accounting principles. EESA further states that GAO shall audit TARP's financial statements annually.
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