The Emergency Economic Stabilization Act provided the Government Accountability Office with broad oversight authorities for actions taken under the Troubled Asset Relief Program and required that it report at least every 60 days on TARP activities and performance. The current report focuses primarily on the Capital Purchase Program, which supports certain U.S. financial institutions, and the Making Home Affordable Program, which is a collection of housing programs designed to help homeowners avoid foreclosure. The report also addresses the Treasury's responses to GAO recommendations for improving internal controls over financial reporting for TARP that resulted from its audits of TARP's financial statements.
As of February 2013, the GAO’s TARP performance audits have resulted in 66 recommendations to the Treasury Department. The GAO report indicates that:
- implementation is complete for 51 of its recommendations;
- some steps toward implementation have been made for seven of the recommendations, but more action needs to be taken;
- the Treasury has not taken steps to implement four recommendations, including two CPP recommendations and two MHA recommendations;
- the Treasury is not planning to take action on two recommendations; and
- two recommendations are no longer applicable.
The Treasury agreed with the GAO’s characterization of the progress made in implementing recommendations.