Meanwhile, the panel's lone sitting member of Congress called Monday for the $700 billion Troubled Asset Relief Program to be terminated within six months, noting that as a result of the stress tests, the 10 banks can now raise additional capital either in the private markets or simply by using the remaining bailout funds at the government's disposal.
"Through the stress tests, regulators have assured us of financial market stability going forward -- there is a defined capital hole and there is adequate unused TARP capital for this shortfall," said Rep. Jeb Hensarling, R-Texas.
"In addition, banks are again raising capital in the private markets, which can serve to reduce the capital shortfall identified by the stress tests," he said. "If banks are unable to raise capital, there is adequate unused TARP capital for this shortfall."
With the Treasury Department set to announce in the coming days which banks will be allowed to repay TARP money, around $50 billion -- twice the department's original estimate of $25 billion -- may soon come back into government coffers.
"The economic justification for TARP's creation and taxpayer assistance to financial institutions no longer exists," Hensarling said.
"It's clear to me that the original goals for TARP -- primarily financial stability and taxpayer protection -- are no longer the aim of the program," he said. "It is increasingly being used instead to promote the economic, social, and political agendas of the administration."
On Tuesday the final report will be posted on the Congressional Oversight Panel's Web site.