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Star Tribune - Paulsen wins backing on TARP oversight

WASHINGTON -- In the first big legislative success for freshman Rep. Erik Paulsen, R-Minn., the U.S. House on Wednesday unanimously approved a bill he co-sponsored increasing the oversight of the government's Wall Street bailout. 

In what he called a major step for protecting taxpayer money, the bill would create broad authority for a Special Inspector General to oversee federal spending through the Troubled Asset Relief Program (TARP).

The Senate has approved similar legislation, which covers federal money used to bail out banks and other financial institutions, including the troubled AIG insurance company.  

Paulsen is one of three original cosponsors of the House bill, which gives the inspector the authority to audit or investigate any action taken with the federal bailout funds.

KEVIN DIAZ