Use of TARP Funds and Compliance with Executive Compensation Issues

Forms and Documents

Document	Type	Status	Availability
firmletter2-ombwaiversupport.doc	Supporting Statement A	Uploaded 2009-02-02	Available
SIGTARP Material	Supplementary Document	Uploaded 2009-02-02	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
187930	Use of TARP Funds and Compliance with Executive Compensation Issues	Instruction	New

ICR Details

OMB Control No: 1505-0212	ICR Reference No: 200902-1505-001
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/DO	Agency Tracking No: TARP
Title: Use of TARP Funds and Compliance with Executive Compensation Issues
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 02/03/2009
OIRA Conclusion Action: Approved with change	Conclusion Date: 02/03/2009
	Date Received in OIRA: 02/02/2009
Terms of Clearance: OMB approves this information collection for six months, with the addition of the Paperwork Reduction Act statement to the instrument.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2009	6 Months From Approved
Responses	350	0	0
Time Burden (Hours)	1,750	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Emergency Economic Stabilization Act of 2008 (“Act”), Public Law No. 110-343, established the Troubled Asset Relief Program (“TARP”) and created the Office of the Special Inspector General for the Troubled Asset Relief Program (“SIGTARP”). SIGTARP is responsible for coordinating and conducting audits and investigations of any program established by the Secretary of the Treasury under the Act. One of SIGTARP’s primary areas of focus has been ensuring, to the fullest extent possible, transparency in the operation of TARP. Increasingly, members of the Congress, the press, and the public are expressing frustration and raising questions about: (1) the lack of information about how TARP recipients are using or plan to use funding provided by the Federal government under the various TARP programs; and (2) insufficient transparency regarding efforts to restrain excessive executive compensation. The questionnaire is designed to address these questions.

Emergency Justfication: See attached justification in supplementary documents.

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Authorizing Statute(s): PL: Pub.L. 110 - 343 101 Name of Law: Emergency Economic Stabilization Act of 2008
  

Citations for New Statutory Requirements: PL: Pub.L. 110 - 343 101 Name of Law: Emergency Economic Stabilization Act of 2008

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Use of TARP Funds and Compliance with Executive Compensation Issues

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	350	0	350	0	0	0
Annual Time Burden (Hours)	1,750	0	1,750	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new collection.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 02/02/2009

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