The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) was established by the Emergency Economic Stabilization Act of 2008 (EESA).
Under EESA, the Special Inspector General has the responsibility, among other things, to conduct, supervise, and coordinate audits and investigations of the purchase, management, and sale of assets under the Troubled Asset Relief Program (TARP).
SIGTARP’s mission is to promote economic stability through law enforcement by maximizing the efficiency and effectiveness of TARP and protecting the interests of those who fund TARP – American taxpayers - against fraud, waste, and abuse.
SIGTARP is a white collar law enforcement agency. SIGTARP special agents are authorized to search, seize, and arrest. SIGTARP investigates crimes that are ultimately prosecuted by the Department of Justice or local authorities as appropriate, to satisfy four foundations of our justice system:
1. Accountability: No one is above the law. SIGTARP and our law enforcement partners hold convicted defendants accountable for their crimes.
2. Taking the Profit out of Crime: Crime must not pay. SIGTARP investigations have already resulted in billions in real dollars returned to the Government.
3. Deterrence: Breaking banking laws must not be tolerated. Crimes against banks deserve significant general deterrence efforts.
4. Justice and Crisis Recovery: Justice must be brought to all victims hurt by these crimes, such as communities, employees, homeowners, small businesses, the government and others. Additionally those defendants willing to commit crime must be removed from the financial system that underpins the economy on which we all rely.
Audits and Other Oversight
SIGTARP's audits recommend fixes to Treasury of vulnerabilities to fraud, waste, and abuse in TARP and bring to light areas of TARP that need improvement.