Below is a letter from Neil Barofsky, Special Inspector General of the Troubled Asset Relief Program to Rep. Spencer Bachus (R-AL). The TARP IG will be requesting TARP recipients to provide –
· a narrative response outlining [their] use or expected use of TARP funds.
· Copies of pertinent supporting documentation to support the response
· a description of their plans for complying with applicable executive compensation restrictions; and
· a certification by a duly authorizes senior executive officer of each company as to the accuracy of all statements, representations, and supporting information provided.
TARP recipients should be receiving letters very soon. Moreover, Treasury has requested that the special TARP reports be submitted by January 31st.