Sununu Named to Oversight Panel
WASHINGTON, D.C. – As part of the Troubled Asset Relief Program (TARP), Congress created a Congressional Oversight Panel to ensure appropriate use of these funds. U.S. Senate Republican Leader Mitch McConnell (R-KY) Wednesday named U.S. Senator John Sununu (R-NH) as a Panel member.
The Oversight Panel is charged with reviewing the state of the financial markets, the regulatory system, and the TARP. The Panel will issue periodic reports on how TARP funds are being used, as well as a comprehensive proposal for regulatory reform of the financial markets.
“Sen. Sununu has long been a leader on economic and financial market issues and has dedicated his career to ensuring that Congress remains good stewards of taxpayer funds,” said Sen. McConnell. “As the co-author of legislation to strengthen oversight of Fannie Mae and Freddie Mac, John raised warning flags about the risks in our mortgage finance system years ago. American taxpayers and Congress will find that John is well-equipped to provide timely reports on the use of funds and ensure TARP funds are properly allocated to ensure the long-term stability of America’s financial system.”
The Oversight Panel consists of 5 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.