April 24, 2009

Bailout Oversight Bill Signed Into Law

WASHINGTON, D.C. – President Barack Obama today signed into law a bill introduced and championed by U.S. Senator Claire McCaskill (D-MO) and Chuck Grassley (R-IA) that will significantly strengthen oversight of the $700 billion financial rescue plan.  The new law increases the power and authority of the Special Inspector General (IG), a position created to oversee the Troubled Assets Relief Program (TARP) funds that passed last October.
“It’s a good day for our country when our president signs a law that will bring better oversight of how we are using tax dollars – especially the money we have invested in the financial sector,” McCaskill.  “We need to know more about how this money is being spent, and this bill will make that easier.” 
“I heard loud and clear from Iowans at my town hall meetings that Washington isn’t looking out for their money,” Grassley said.  “Signing this bill is a step in the right direction to ensure that the Inspector General has the tools he needs to keep a stern and watchful eye on the hard earned taxpayer money being spent to try to bail out the financial sector.”
The bill signed into law today gives the special IG, former New York prosecutor Neil Barofsky, the ability to oversee all action taken under the plan and provides him with additional and much needed tools to strengthen the oversight of these funds.  
The new law:
The bill passed the Senate unanimously in December 2008 and again in February.  The House of Representatives gave their approval in late March.