Financial Audit: Office of Financial Stability's (Troubled Asset Relief Program) FY 2020 and FY 2019 Financial Statements

GAO-21-173R Published: Nov 10, 2020. Publicly Released: Nov 10, 2020.
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Fast Facts

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.

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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.

For more information, contact Cheryl E. Clark at (202) 512-3406 or

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