GAO Calls for Increased Oversight of TARP Contractors


The Government Accountability Office (“GAO”) has called for increased oversight of contractors supporting the Troubled Asset Relief Program (“TARP”).[1] The GAO’s call for increased oversight of contractors stems from its concerns about the types of contracts awarded by the Department of Treasury and the lack of clear mitigation plans for potential and actual conflicts of interest.

Since TARP was authorized by the Emergency Economic Stabilization Act (“EESA”), Treasury has awarded a variety of contracts for legal, investment consulting, accounting, and other services using expedited procedures under the Federal Acquisition Regulation (“FAR”). As of November 25, 2008, Treasury had awarded two indefinite delivery-indefinite quantity (“ID/IQ”) contracts using other than full and open competition and five blanket purchase agreements or orders against existing federal supply schedules maintained by the General Services Administration (“GSA”).[2] Both arrangements provide Treasury with the flexibility to order work as needed. These contracts and agreements offer awards that range in value from $5,000 to $2.5 million and in length from six months to several years.

Please see full bulletin for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Morrison & Foerster LLP | Attorney Advertising

Written by:


Morrison & Foerster LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.