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Treasury responded mostly favorably to the SIGTARP report's recommendations. Acting Assistant Secretary for Financial Stability Timothy Massad said in written comments that Treasury's contracting procedures won praise from other oversight bodies, including the Government Accountability Office and the Congressional Oversight Panel. His office "has implemented strong and effective processes in regard to all of its contracts, including those for legal services," Massad wrote in response to the draft report. Still, Treasury agreed to tighten its reviews of contractors' billing in line with SIGTARP's recommendations. The watchdog suggested that Treasury implement billing procedures similar to those used by the Federal Deposit Insurance Corp., which frequently contracts with outside law firms to rescue or wind down banks. It said the office should supplement new contracts with detailed requirements about billing procedures, create internal guidelines for the staff who review those bills, and review already-paid bills to make sure the payouts were proper. The report says Treasury already has started to implement all of those recommendations.
[Associated
Press;
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