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GAO Report Says Bailout Program Needs More Oversight
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Dec 02, 2008 04:48pm |
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| Category | News |
| Media | Newspaper - Washington Post |
| News Date | Tuesday, December 2, 2008 10:00:00 PM UTC0:0 |
| Description | Auditors Say It Is Too Soon to Tell if Treasury Plan Is Working
By Amit R. Paley
Washington Post Staff Writer
Tuesday, December 2, 2008; 4:08 PM
The Bush administration has failed to establish sufficient oversight over its $700 billion program and must move rapidly to guarantee that banks are complying with the plan's limits on conflicts of interest and lavish executive compensation, congressional investigators said today.
The new report by the Government Accountability Office, the non-partisan investigative arm of Congress, said the Treasury Department has yet to impose necessary internal controls or decide how to determine if the bailout program is achieving its goals. The auditors said it was too soon for them to tell whether the bailout was working.
"Without a strong oversight and monitoring function, Treasury's ability to help ensure an appropriate level of accountability and transparency will be limited," the report concluded.
The audit, which is the first in a series of Congressionally mandated reports on the bailout, comes amidst growing concern on Capitol Hill that the government's gigantic rescue program is being implemented without sufficient oversight. President Bush's nominee for special inspector general over the bailout has yet to begin his work because his confirmation is tied up in the Senate. And another oversight panel created by Congress only met for the first time last week. |
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