Congressional Oversight Panel (COP)
Contents
Exploring the Role of the Congressional Oversight Panel (COP) in Financial Governance
Unraveling the Congressional Oversight Panel (COP)
Established in 2008 by Congress, the Congressional Oversight Panel (COP) was tasked with overseeing the U.S. Treasury's implementation of the $700 billion Trouble Asset Relief Program (TARP) during the tumultuous period of the 2007-2008 Financial Crisis.
Understanding COP's Mandate
The COP was entrusted with a broad mandate to monitor and evaluate the Treasury department's actions aimed at stabilizing the economy. Its responsibilities included assessing the impact of TARP spending, ensuring market transparency, evaluating foreclosure mitigation efforts, and safeguarding the public's interests.
Insights into COP's Findings
The COP ceased operations in 2011, but its final report highlighted significant findings. While acknowledging TARP's role in averting a financial catastrophe, the report also raised concerns about market distortions and moral hazards created by the program. It criticized the lack of transparency in TARP's implementation, particularly regarding the use of funds by large financial institutions.