Consumer Law

Congressional Oversight Panel Finds That TARP Was Effective In Stopping Economic Panic

By Brian Wolfman

This article in this morning's New York Times discusses the year-end audit of the TARP bailout program conducted by the Congressional Oversight Panel headed by consumer advocate and law professor Elizabeth Warren. Although the Panel has been critical of the bailout in the past, the year-end audit credits TARP with preventing economic disaster. Here's the beginning of the article:

The independent panel that oversees the government?s financial bailout program concluded in a year-end review that, despite flaws and lingering problems, the program ?can be credited with stopping an economic panic.?

The Congressional Oversight Panel, which issued the report, was created in October 2008 by the same law that established the $700 billion Troubled Asset Relief Program. The panel has often been critical of the Treasury Department?s management of the bailout operation, especially at its start in the Bush administration but also under the Obama administration.

Full post as published by CL&P Blog on December 09, 2009 (boomark / email).