We’ve written before about the lack of oversight in the Troubled Asset Relief Program. Things have improved a bit â€” the special inspector general, Neil Barofsky, seems extremely capable, and President Obama has promised more transparency â€” but we still don’t know much about how companies are spending money received through TARP.
But there’s news of another encouraging step, a bill introduced by Sens. Chuck Grassley, R-Iowa, and Max Baucus, D-Mont.:
The bill introduced today â€“ the Troubled Asset Relief Program Enhancement Act â€“ would require any private entity that receives federal funds through the Troubled Asset Relief Program (TARP) to give the GAO access to its books and records.
GAO is required to issue a report on the TARP (so many acronyms!) every 60 days. They’ve generally been critical of the program.