Oversight

Updated: April 23, 2009

Financial Stability Oversight Board

The Financial Stability Oversight Board (FSOB) was established by section 104 of the Emergency Economic Stabilization Act of 2008 (EESA) to help oversee the Troubled Assets Relief Program (TARP) and other emergency authorities and facilities granted to the Secretary of the Treasury under the EESA to help restore liquidity and stability to the U.S. financial system.

Oversight Board members:

Secretary of the Treasury: Timothy Geithner

Chairman of the Board of Governors of the Federal Reserve System: Ben Bernanke [chair]

Secretary of the Department of Housing and Urban Development: Shaun Donovan

Chairman of the Securities and Exchange Commission: Mary Schapiro

Director of the Federal Housing Finance Agency: James Lockhart

The Oversight Board meets monthly to consider, review and discuss the significant programs, policies and financial commitments of the TARP to help restore financial stability and achieve the other important objectives of the EESA. These include the Capital Purchase Program, Consumer and Business Lending initiative (TALF) and various transactions made under the Targeted Investment Program, Systemically Significant Failing Institutions, and the Automotive Industry Financing Program.

To promote transparency, the Oversight Board makes minutes of its meetings publicly available.

The FSOB issues quarterly reports to Congress pursuant to Section 104(g) of the EESA regarding the Oversight Board’s review of the Secretary’s exercise of authority under the TARP, including:

The policies implemented by the Secretary and the Office of Financial Stability established within the Department of the Treasury under the TARP, including the appointment of financial agents, the designation of asset classes to be purchased under the EESA, and plans for the structure of vehicles used to purchase troubled assets and;

The effect of the actions taken by the Treasury in assisting American families in preserving home ownership, stabilizing financial markets and protecting taxpayers.

Special Inspector General for the Troubled Asset Relief Program

The Special Inspector General for the Troubled Asset Relief Program (SIGTARP) was established by section 121 of EESA. Under EESA, the Special Inspector General has the duty, among other things, to conduct, supervise and coordinate audits and investigations of the purchase, management and sale of assets under the TARP. The goal of SIGTARP is to promote economic stability by protecting the interests of the taxpayer by facilitating transparency in TARP programs, providing effective oversight, and through criminal and civil enforcement against those who waste, steal, or abuse TARP funds. To contact SIGTARP and to report fraud, waste, or abuse please go to: www.sigtarp.gov.