Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, said Monday that he would resign on March 30.
Barofsky, who has been inspector general since December 2008, said he feels Sigtarp has met his three initial goals of building a robust law enforcement agency, ensuring the transparency of Tarp and providing effective oversight.
"Thanks in no small part to the dedication of the talented professionals at Sigtarp, Tarp stands in a far better and more transparent place today than anyone could have reasonably hoped in December 2008," Barofsky wrote in his resignation letter to President Obama. "The anticipated financial costs, while still significant, have fallen dramatically from early projections. … Furthermore, with credible plans to liquidate the government's remaining ownership interests in those Tarp recipients that are still the beneficiaries of extraordinary government assistance, the program is well on its way to resolving its most significant and controversial loans and investments."
Under Barofsky, Sigtarp has published 13 audits and nine quarterly reports.
But Barofsky said Sigtarp's work is far from over. More than 150 banks have missed their regular dividend payments and the Home Affordable Modification Program has "so far fallen far short of [the Emergency Economic Stabilization Act of 2008's] mandate that Tarp be used to 'preserve homeownership,' " he wrote.
