Senate Leadership Discards Effective Oversight

When the Troubled Asset Relief Program was created, I worked with Senator Baucus of Montana to establish a Special Inspector General to oversee the program’s operation on behalf of taxpayers.  This Special IG made a big difference by bringing laser-like focus to the management of TARP dollars.

There’s now legislation pending in the Senate that could create a program for additional lending.  In fact, 36 percent of the taxpayer money that would be used is recycled TARP money.  Yet the proposed legislation would move the lending program out from the watchful eye of the Special IG. 

I tried to change that and make sure an aggressive effort would continue to safeguard tax dollars being used in any new lending program with an amendment to give jurisdiction back to the Special IG for TARP.   It's common sense to have this oversight conducted by the office that already possesses the necessary experience and expertise, rather than creating a brand new oversight office within the Treasury, as the bill directs.

Unfortunately, my amendment was not considered for a vote or even debated, despite the need for accountability.  I’ll keep fighting for it.