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Hearing on Assessing Treasury's Efforts at Preventing Waste and Abuse of TARP Funds

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“The purpose of this hearing [was] to assess Treasury’s oversight of the use of funds by financial institutions provided under the TARP. The hearing…evaluate[d] Treasury’s data collection procedures for monitoring the use of TARP funds allocated under the Capital Purchase Program, the largest TARP program. The hearing…also examine[d] Treasury’s ability to detect and prevent waste and misuse of TARP monies. Additionally, [and] examples of TARP recipient spending since their receipt of TARP funds.”

  • Interim Assistant Secretary for Financial Stability Neel Kashkari Testimony before the House Committee on Oversight and Government Reform, Subcommittee on Domestic Policy – As Prepared for Delivery: “With investments in almost 500 institutions, and hundreds more in the pipeline, we must ensure that our investments are targeted at stabilizing the economy but we must also take great care not to try to micromanage recipient institutions. However well-intended, government officials are not positioned to make better commercial decisions than lenders in our communities. The government must not attempt to force banks to make loans whose risks they are not comfortable with or attempt to direct lending from Washington. Bad lending practices were at the root cause of this crisis. Returning to those practices will not help end this financial turmoil.”
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