Open Government

Open and accountable government is one of the bedrock principles of our democracy. Yet virtually since inauguration day, questions have been raised about the Bush Administration’s commitment to this principle. News articles and reports by independent groups over the last four years have identified a growing series of instances where the Administration has sought to operate without public or congressional scrutiny. (Last Updated May 26, 2005)

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Hearing: Is Treasury Using Bailout Funds to Increase Foreclosure Prevention, as Congress Intended?

Congress established the $700 billion Troubled Asset Relief Program on October 3, 2008 to deal with the financial crisis. One of TARP’s core functions was to prevent future foreclosures through the acquisition of mortgage-related assets, such as whole loans, mortgage-backed securities and other financial products, and the implementation of a plan to stem foreclosures on those loans. In creating TARP, Congress was aware of the efforts of the private mortgage servicing industry to prevent foreclosures, and committed an extraordinary sum of taxpayer funds to expand upon those efforts. On November 12, 2008, Treasury Secretary Henry Paulson announced that TARP would not acquire mortgage-related assets. In light of this significant change in TARP’s mission, important oversight questions arise.

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