TARP WATCH: Congressional Oversight Panel to Hold Hearing Wednesday on Treasury's Extraordinary Use of Outside Contractors
Will be the first COP hearing without Elizabeth Warren as she has resigned from the panel to head up the CPFB.
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WASHINGTON, D.C. - On Wednesday, September 22 at 10:00 a.m., the Congressional Oversight Panel will hold a hearing in room 428A of the Russell Senate Office Building to examine Treasury's use of private contractors under the Troubled Asset Relief Program (TARP).
The law authorizing the TARP allowed the Secretary of the Treasury to waive any provision of the usual Federal Acquisition Regulations (FAR) and arguably expanded Treasury's authority to hire financial agents to fulfill critical government functions. As of August 13, 2010, Treasury has entered into approximately 83 contracts and financial agency agreements, with a current approximate obligated value of $445 million. Most significantly, its agreements with Fannie Mae and Freddie Mac for the Home Affordable Modification Program (HAMP) total approximately $220 million.
This hearing will inform the Panel's October 2010 oversight report by providing a better understanding of how Treasury uses contracts and financial services, how it decides to hire contractors and financial agents, and how it prevents conflicts of interest and ensures full disclosure by its contractors.
Sep 21, 2010 at 10:08 PM