Thursday, November 13, 2008

Accountability for the Emergency Economic Stabilization Act

Today the Washington Post reported,"In the six weeks since lawmakers approved the Treasury's massive bailout of financial firms, the government has poured money into the country's largest banks, recruited smaller banks into the program and repeatedly widened its scope to cover yet other types of businesses . . . . Yet for all this activity, no formal action has been taken to fill the independent oversight posts established by Congress when it approved the bailout to prevent corruption and government waste." You can read the full article here. The Treasury Department responded with it's own press release, "Setting the Record Straight," that outlines the steps it is taking to ensure accountability in its implementation of the Emergency Economic Stabilization Act (EESA). In addition to this short missive, the Treasury has created its own website containing a variety of information related to the EESA.

The Post article quotes Treasury Inspector General Eric M. Thorson criticizing the lack of oversight of the EESA program. You can access the inspector general's audit reports on this web page. The Government Accountability Office (GAO) is also required to provide oversight of the EESA program, and you can go here to find a list of its reports about financial markets and housing.

If you're trying to find additional links to government resources relevant to EESA, see our guides to Business and Economic Information and Banking, Banks, and Credit Unions.

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