TARP Progress on Transparency?
Here’s some potentially encouraging news. On Wednesday, Neil Barofsky, the Special Inspector General of TARP, disclosed that recently-approved agreements with the automakers and Citibank contain requirements for better disclosure. In a letter he sent Sen. Max Baucus, Chairman of Senate Finance Committee, Barofsky reported that the agreements give his office access to Citigroup’s records and requires that the company report how they are using the bailout funds.
As our friends at Taxpayers for Common Sense wrote, we all hope he gets the remaining 280 banks who also get bailout funds to start disclosing how they are spending the money.
Michael Smallberg at Project on Government Oversight adds that the new agreements also put limits on executive compensation. He calls on Congress to pass a bill that would beef up Barofsky’s oversight ability by giving his office more tools.
Lots of crossed fingers here.