Emergency Economic Stabilization Act: Preliminary Analysis of Oversight Provisions
"The Emergency Economic Stabilization Act of 2008 (EESA, H.R. 1424, P.L
110-343) provides authority for the Secretary of the Treasury to purchase and insure
“troubled assets” to provide stability and prevent disruption in the economy and
financial system. The act established two organizations to provide broad oversight
for the stability program — a Financial Stability Oversight Board (FSOB) and a
Congressional Oversight Panel (COP). The act also placed audit responsibilities for
the program with two individuals — a new Special Inspector General (IG) for the
Troubled Asset Relief Program (TARP), and the Comptroller General (CG) of the
Government Accountability Office (GAO). The duties and responsibilities of both
oversight panels and both auditors overlap in some areas, but are different in other
areas..."