For their part, lawmakers have yet to nominate the five-member Congressional Oversight Panel, though leaders of both parties said they hoped they would be named by the end of the month and start work by December. People familiar with the matter said possible nominees included current and former government and industry officials, though some had to recuse themselves because of conflicts of interest.
The panel’s mandate is to look at the use of Paulson’s authority and the impact of the program on the financial markets and mortgage crisis.
Rep. Barney Frank (D-Mass.), who chairs the House Financial Services Committee, said his concerns about oversight diminished after the Treasury program’s focus shifted from purchases of financial firms’ troubled assets to capital injections into companies. “The concern was they’d be buying assets and we wouldn’t know the price,” Frank said. The revised bailout program “doesn’t have the conflicts of interest and the other things people were concerned about.” (Source)
Wasn’t it his and the Democrats lack of concern and oversight, what got is into this mess? Yes it is!
Read Michelle’s: Senators to Paulson: You lied, TARP died, and The Age of Plenty, Day 8: Worst Post-Election Sell-Off In History, by Ace
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