Bulletin Board

Rep. Perlmutter and Others Call for Treasury to Fully Staff TARP

December 8, 2008

Washington, DC – Today, Rep. Ed Perlmutter, (CO-07), a member of the House Financial Services Committee, along with 21 other Representatives, sent a letter to Treasury Sec. Henry Paulson in response to the Dec. 2, 2008 GAO report highlighting significant problems with the implementation for the Troubled Asset Relief Program (TARP).

Among other issues, the GAO report highlighted the failure of Treasury to adequately staff and manage TARP.  To date, only 48 positions have been filled, however GAO recommends a staff level of at least 200 to best hold financial institutions accountable for the funds they are receiving from the .

The Representatives also asked Paulson and Treasury to follow GAO recommendations to require financial institutions to file reports outlining their use of the federal funds.

“Congress gave Treasury the resources and authority to swiftly provide assistance to loosen up the credit markets,” said Perlmutter.  “Treasury needs to make sure that the financial institutions are using the funds the way they were intended to be used to get credit flowing to Main Street and ease the squeeze families and businesses are feeling in these unstable economic times.”

The House Financial Services Committee is holding a hearing on Weds., Dec. 10 at 10 a.m. regarding oversight concerns of TARP. 

A copy of the full letter sent by the Representatives is attached here.

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