Senators aim to confirm bailout watchdog by end of week

Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee, said on Wednesday that he hopes to have Neil Barofsky, nominee to be the special inspector general for the financial system's bailout, confirmed by the end of this week.

Banking Committee members had an opportunity to ask Barofsky questions at a nomination hearing on Wednesday and expressed similar concerns to those voiced at Monday's hearing before the Senate Finance Committee. A number of senators said they have lingering anxiety that the special inspector general might not have full authority to oversee the bailout as it evolves on a near-daily basis, but none expressed doubts about Barofsky's qualifications.

Sen. Chuck Schumer, D-N.Y., called Barofsky "the right guy for the job" and several senators thanked him for stepping up to what undoubtedly will be an overwhelming oversight task.

"The Office of Special Inspector General will be the first line of defense in protecting the taxpayer from the kind of waste, fraud and abuse that $700 billion is likely to attract," said Sen. Richard Shelby, R-Ala., ranking member of the Banking Committee. "Therefore I believe it's important that we report this nomination as quickly as possible."

Dodd said after the hearing that he planned to speak to Shelby about the possibility of waiving committee requirements for consideration of the nominee and reporting to the full Senate as early as this afternoon. "It would then be up to the leadership to agree to whether or not this could be moved forward today or tomorrow," he said.