As Treasury Secretary Henry Paulson continues to purchase hundreds of billions of dollars in bank equities under the Troubled Asset Relief Program (TARP), oversight of the program remains meager. TARP, as created through the Emergency Economic Stabilization Act (EESA), gives Paulson wide latitude in selecting firms and individuals to implement the program and equally wide latitude in disbursing the $700 billion in authorized funds. However, with $290 billion already committed, two of three oversight institutions created by EESA have yet to be implemented, signaling that oversight and transparency in TARP are second-tier objectives for Congress and the Treasury Department.