GAO Says TALF Program Presents Unnecessary Risks; Treasury Balks at Recommendations
February 12, 2010
The Government Accountability Office said the Federal Reserve could do more to minimize risk to the government from the Term ABS Loan Facility, but the program’s administrators said the GAO understated TALF’s success and overstated the risk involved. TALF, administrated by the Federal Reserve Bank of New York, can lend up to $200 billion to certain eligible borrowers in return...