Senators Urge Quick Confirmation of Bailout Watchdog

Posted December 4, 2008 at 11:19am

Democratic Sens. Charles Schumer (N.Y.) and Claire McCaskill (Mo.) on Thursday called for the immediate confirmation of Neil Barofsky, the nominee to oversee the recently passed $700 billion financial bailout for the financial sector.

Barofsky’s nomination had been the subject of an anonymous Senate hold. Schumer and McCaskill said the hold appears to have been lifted, and thus Barofsky’s appointment can go forward as the top financial rescue plan’s watchdog. The duo called for the Senate to vote on his confirmation next week.

Schumer and McCaskill’s request comes as the Government Accountability Office released a report that criticized the lack of oversight of the government’s program to inject money into troubled U.S. financial system. The Senators said any further concerns about the plan could be addressed when administration officials come to Congress to request the release of the second half of the $700 billion in funding.

“For those concerned about whether taxpayer dollars are being well spent, putting an independent watchdog in place in an important part of the solution,” the Senators wrote.