For Immediate Release:

Thursday, December 4, 2008

(Washington, D.C.) – Today, U.S. Senator Patty Murray (D-WA) called for the Senate to move forward with confirming Neil Barofsky, the Special Inspector General nominee to oversee the Troubled Asset Relief Program (TARP). As Special Inspector General, Barofsky will be responsible for conducting audits and investigations into how the government spends money under the TARP program. He will also be required to file a report to Congress within 60 days detailing the "purchases, obligations, expenditures and revenues" associated with the bailout plan. Barofsky’s nomination had been the subject of an anonymous Senate hold, preventing it from moving to a Senate confirmation vote.  That hold appears to have been lifted.  Barofsky’s appointment requires Senate confirmation.

“Proper oversight of this plan is an absolute must,” said Senator Murray. “And if we are going to ensure that every taxpayer dollar is working to stabilize the financial markets, we need to confirm the Special Inspector General immediately.

“It’s unacceptable that two months have gone by, while Treasury has changed the terms of the bailout and poured billions into banks, without the independent oversight that was required in this package. As soon as Congress returns to session, confirming Neil Barofsky must be at the top of the agenda.”