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TARP Inspector General Calls For Greater Transparency

Requiring banks to account for their use of funds remains a top complaint, said Neil Barofsky, special inspector general to the TARP.

“We think it’s vitally important that Treasury require institutions to tell us how they are using the money,” he told CNBC’s Becky Quick. “By us, I don’t mean my office, but the American people.”

Some banks, for instance, reported what loans and acquisitions they were able to do as a result of receiving TARP funds, said Barofksy. If protections and controls are established, he added, you can keep track of the funds' direct impact.

“Any bank that is committed to playing by the rules, not committing fraud and doing the right thing, has nothing to fear from our office,” he said.

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