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Bush Picks Federal Prosecutor to Oversee Bailout

On Friday November 14, President Bush picked a federal prosecutor in New York to be a Treasury-based special inspector general to oversee the massive $700...
November 18, 2008

On Friday November 14, President Bush picked a federal prosecutor in New York to be a Treasury-based special inspector general to oversee the massive $700 billion financial rescue plan. If confirmed by the Senate, Neil Barofsky, an assistant U.S. attorney in the Southern District of New York, will be responsible for conducting audits and investigations of how the government spends the bailout money. He will also report on the value of any assets acquired by the government and why they were purchased.

Currently, the job is being handled by the Treasury Department's inspector general Eric Thorson who has expressed concerns about the difficulty of properly overseeing the complex program in addition to his regular responsibilities.

Meanwhile, House Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Harry Reid (D-Nev.) appointed three experts to the Congressional Oversight Panel, another EESA-mandated watchdog that will submit its first report to Congress by Jan. 20, 2009. Pelosi appointed Richard H. Neiman, superintendent of banks in New York, and Majority Leader Reid appointed Elizabeth Warren of Harvard Law School. Pelosi and Reid jointly appointed Damon Silvers, AFL-CIO associate general counsel. Pelosi and Reid said the three will provide "independent and ongoing oversight" of the TARP, and "critical assistance to Congress in its work to improve the economy."

Bush Picks Federal Prosecutor to Oversee Bailout (Washington Post 11/14/08)