Watchdog Wins Battle With Treasury Department

The treasury seems nervous about what the watchdog organization will find. They don't want the people to know where all the money went.

http://online.wsj.com/article/SB125193355469281319.html

Treasury Retreats From Standoff With TARP Watchdog

By EVAN PEREZ and DEBORAH SOLOMON

WASHINGTON -- The Treasury Department backed away from a standoff over the independence of the special government watchdog appointed to scrutinize how last year's $700 billion financial bailout is being spent.

Neil Barofsky, special inspector general for the Trouble Asset Relief Program, known as Sigtarp, declared victory Wednesday in his effort to clarify that he doesn't answer to Treasury Secretary Timothy Geithner.

Mr. Barofsky has frustrated officials at government agencies and on Wall Street over his far-reaching demands for information. The former federal prosecutor is charged with tracking the money spent to prop up the banking system during the financial crisis and to report the results of his audits directly to Congress.

In a letter Wednesday to members of Congress, Mr. Barofsky said Treasury had withdrawn an earlier request to the Justice Department seeking a legal opinion on how much independence the Sigtarp office enjoys. Mr. Barofsky had told lawmakers he feared that being subject to the Treasury secretary's supervision would be "a threat to our independence."

"We view such withdrawal as Treasury's acknowledgement that Sigtarp is an independent entity within Treasury and that my office and I are not subject to the supervision of the secretary," Mr. Barofsky said in his letter to a group of lawmakers, including Sen. Charles Grassley, (R., Iowa), Rep. Darrell Issa, (R., Calif.), who have pushed for his independence. "We applaud Treasury's decision to bring to a close this needless distraction."

The Treasury Department declined to explain the reason for withdrawing its request to the Justice Department.

Sen. Grassley said, "The inspector general is right. It's good that this needless distraction is over."

Some lawmakers viewed Treasury's request for a Justice Department ruling as an effort to rein in Mr. Barofsky's aggressiveness. "Trying to take away the independence of this oversight reflects the arrogance of officials at Treasury who are wielding immense power over our economy," Rep. Issa said in a statement.

The Sigtarp office, created by Congress when it approved the bailout funds, is part of the Treasury Department and therefore part of the executive branch. But in establishing the office, Congress set strict directives that give Mr. Barofsky broad access to executive branch documents, and require Mr. Geithner to explain if he declines to follow any of Mr. Barofsky's recommendations. That led to some constitutional questions over whether Congress violated the traditional separation of powers and invaded the executive branch's turf.

In April, after butting heads with Mr. Barofsky, Treasury officials asked the Justice Department's Office of Legal Counsel for a ruling to clarify that Mr. Barofsky's office falls under the Treasury secretary's supervision.

Lawyers in that Justice office often handle such complex constitutional questions, and have traditionally ruled that offices such as Mr. Barofsky's are in the president's line of command. That would mean that the president and his Treasury secretary have the power to fire Mr. Barofsky.

The Sigtarp dispute came amid wider tension over the role of government watchdogs. Three inspectors general have been ousted in recent months, including one fired by President Barack Obama.

Views: 54

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

tjdavis posted a video

Tom Horn discusses Masonic view of 2025

Startling perspective by Tom Horn of the upcoming year: 2025
10 hours ago
Doc Vega posted a blog post
14 hours ago
cheeki kea posted a photo
22 hours ago
cheeki kea commented on Doc Vega's blog post Grooming the New Generation of Assassins
"It's a distressing state of affairs when evil leftists hardwire impressionable students and…"
22 hours ago
Doc Vega commented on Doc Vega's blog post This Memorable Anthem Given by Nick Freitas Hit the Nail on the Head Please Listen!
"Burbia Charlie Kirk's wife is a real firebrand! God bless that poor woman! "
yesterday
Doc Vega commented on Doc Vega's blog post This Memorable Anthem Given by Nick Freitas Hit the Nail on the Head Please Listen!
"Burbia thanks for the videos! "
yesterday
Doc Vega posted blog posts
yesterday
Burbia commented on tjdavis's video
Thumbnail

Charlie Kirk: Grief And Outrage From Turning Point USA in Phoenix

"Early reports said a.second shooter was there. Talk of Dischord chats. Peyton Gendron was coerced…"
Monday
tjdavis posted a video

America In Crisis: Illegals and Drug Smugglers Have Us Beat

An inside look at how bad the situation is at the Arizona/Mexico border. This exclusive tour with retired Arizona Sheriff Mark Lamb reveals just how bad thin...
Monday
Burbia posted a video

Sam Hyde Show: This is You

support the show: https://www.mde.tv/▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬🔥 BUY EXTREME PEACE on MDE.TV 🔥https://www.mde.tv/series/extreme-peace▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬...
Monday
Burbia commented on Sandy's photo
Monday
Burbia commented on Sandy's photo
Monday
Sandy posted a photo
Sunday
tjdavis posted a video

Charlie Kirk: Grief And Outrage From Turning Point USA in Phoenix

We went to Charlie Kirk's Turning Point USA headquarters in Phoenix to talk with people who were there to pay their respects.►Join my community to get exclus...
Saturday
Doc Vega posted blog posts
Saturday
Burbia commented on Doc Vega's blog post This Memorable Anthem Given by Nick Freitas Hit the Nail on the Head Please Listen!
Saturday
Doc Vega posted blog posts
Friday
Doc Vega commented on Doc Vega's blog post A Few More Rats in Your Skull Concerning Charlie and the Rampaging Left
"cheeki kea, Yes that was released on to book sites 19 hours before the tragic event and also there…"
Friday
Burbia commented on Sandy's video
Friday
Sandy posted a video

Charlie Kirk Was Terrified Of Israel

Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube.
Friday

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted