Public Disclosure of TARP Contracts

One of the main criticisms of the TARP  has been its lack of transparency.  Responding directly to this criticism, and as part of the Obama administration's vow for more openness about the bailout, on Wednesday, January 28, 2009, the U.S. Department of the Treasury announced a new policy of posting investment contracts for contracts implemented under TARP to the Department's website within five to 10 business days.    

For contracts already completed, links to the contract documents are being posted on a rolling basis, starting with the first nine contracts completed under the Capital Purchase Program (CPP), as well as contracts for transactions closed under the Systemically Significant Failing Institutions (SSFI) program, the Targeted Investment Program (TIP) and the Automotive Industry Financing Program (AIFP).  In upcoming weeks Treasury plans to make public all copies of existing investment agreements under TARP.

Though the documents will be redacted for confidential and proprietary information, at the request of the individual institutions, the terms and conditions of each help to make clearer the nature and scope of the Treasury's committments to banks, financial institutions, and automakers.

Treasury's press release announcement is available at:  http://www.treas.gov/press/releases/tg04.htm

Treasury has set up a web page disclosing the contracts at:  http://www.treas.gov/initiatives/eesa/agreements/index.shtml