The watchdog over-seeing the federal government financial bailout says the government's maximum exposure to financial institutions since 2007 could total nearly US$24 trillion, or about US$80,000 for every American.

The whopping amount compiled by the inspector general for the US$700 billion Troubled Asset Relief Program takes into account about 50 initiatives and programmes set up by the Bush and Obama administrations as well as by the Federal Reserve.

Backed by collateral

Many of the programmes are backed by collateral and the US$23.7 trillion represents the gross, not net, exposure that the government could face.

No one has suggested that the full amount, in fact, will be used.

Neil Barofsky, the inspector general for the Troubled Asset Relief Program and government's main watchdog over the federal financial bailout says the Treasury Department has repeatedly failed to adopt recommendations aimed at making the US$700 billion programme more accountable and transparent.

Barofsky said in a report prepared for Congress that the Treasury's inaction means taxpayers have not been told what the financial institutions that have received assistance are doing with the money.

Barofsky's conclusion is contained in testimony he is prepared to give Tuesday to the House Oversight and Government Reform Committee.

- AP