U.S. Senate Republican Leader Mitch McConnell yesterday named outgoing U.S. Sen. Sununu (R-NH) to the Congressional Oversight Panel charged with overseeing the appropriate use of Troubled Asset Relief Program (TARP) funding.
The Oversight Panel will review the state of the financial markets, the regulatory system, and the TARP and issue periodic reports on how TARP funds are being used. The panel will also present a comprehensive proposal for regulatory reform of the financial markets. Sununu's term on the panel begins immediately and lasts until June 30, 2010.
This program represents the most significant government intervention in the financial markets in my lifetime, Sununu said.
Sununu, a member of the Senate Finance Committee, the Senate Joint Economic Committee, and former member of the Senate Banking Committee, said, Taxpayers, policy makers, and investors deserve a clear and accurate assessment of how these funds are allocated, and what benefit they provide. I also look forward to working with panel members to develop comprehensive recommendations for modernizing and reforming our regulatory system.
The Oversight Panel consists of five members, with the Speaker of the House, the House Republican Leader, the Senate Majority Leader and the Senate Republican Leader each selecting one member. The fifth member is a joint selection by the Speaker of the House and the Senate Majority Leader.