HOUSE Republican Leader John Boehner

Washington, Nov 19 - As part of the Troubled Asset Relief Program (TARP), Congress created a Congressional Oversight Panel to ensure appropriate use of these funds.  U.S. House Republican Leader John Boehner (R-OH) and U.S. Senate Republican Leader Mitch McConnell (R-KY) today named U.S. Rep. Jeb Hensarling (R-TX) and U.S. Senator Judd Gregg (R-NH) as Panel members.

The Oversight Panel is charged with reviewing the state of the financial markets, the regulatory system, and the TARP, and will issue periodic reports on how TARP funds are being used. 

“Rep. Hensarling has distinguished himself as a true champion of fiscal responsibility in the House,” Boehner said.  “He is an ideal member of this panel – not only to provide appropriate oversight of the program, but also to ensure taxpayers are protected during this process.  I look forward to his leadership on the oversight board and his ongoing work on behalf of American taxpayers.”

“Senator Gregg took a leading role in negotiating the creation of the TARP, receiving praise from his colleagues for protecting the interests of taxpayers while working to preserve the interests of Main Street,” said Sen. McConnell.  “Senator Gregg is well situated to provide reports to his colleagues on how these funds are used and will continue to protect American taxpayers and will work to ensure long-term economic stability.”

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. 

Rep. Hensarling is a three-term Member of the House and chairman of the Republican Study Committee.  He serves on the Financial Services and Budget Committees.

Sen. Gregg is the Ranking Member on the Senate Budget Committee and was one of the lead negotiators for the TARP. 

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