Citigroup’s $301 billion of federal asset guarantees, extended by the feds last year to help save the bank from collapse, will be audited to calculate losses and determine whether taxpayers got a fair deal.

Neil Barofsky, inspector general of the US Treasury Department’s $700 billion TARP, agreed in a letter to audit the program after a request by Representative Alan Grayson. Barofsky will examine why the guarantees were given, how they were structured and whether the bank’s risk controls are adequate to prevent government losses.