TARP Watchdog to Resign
The Hill reports:
The head of the watchdog overseeing the federal government's bailout programs will resign on March 30.
In a letter to President Obama sent Monday, Neil Barofsky, the Treasury Department's special inspector general for the Troubled Asset Relief Program (SIGTARP), credited his office's oversight with helping the program beat almost all expectations in terms of its cost to the government.
"Thanks in no small part to the dedication of the talented professionals at SIGTARP, TARP stands in a far better and more transparent place today than anyone could have reasonably hoped in December 2008," he wrote. "The anticipated financial costs, while still significant, have fallen dramatically from early projections."
The TARP, repeatedly labeled a $700 billion boondoggle, is now expected to cost just $25 billion, according to the Congressional Budget Office.
In 2009, Barofsky estimated the total cost to the federal government for its financial rescue efforts could exceed $23 trillion, if the dozens of programs created to combat the financial crisis and recession reached their maximum capacity.
Barofsky said it had been "an honor and a privilege to serve," but that the time was right to resign and pursue other opportunities.
After learning of his planned exit, House Oversight Committee Chairman Darrell Issa (R-Calif.) praised Barofsky for his "extraordinary commitment to public service."
"The passage of TARP signaled a pivotal moment at a time of great uncertainty and no one has been more dedicated to protecting the American people’s tax-dollars from waste, fraud and abuse than Neil Barofsky," he said.
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