Senate confirms Barofsky as bailout IG
Former assistant U.S. attorney will oversee $700 billion in taxpayer money to help stabilize the financial industry.
The Senate Monday confirmed Neil Barofsky to be the first inspector general for the Troubled Asset Relief Program, overseeing $700 billion in taxpayer funds intended to help stabilize the financial industry.
The confirmation of Barofsky, a federal prosecutor in New York, had been delayed by an anonymous hold until late last week. Senate Finance Chairman Max Baucus, D-Mont., authored the provision to create a special IG for the TARP program.
"Obviously this will be an extraordinary challenge. Mr. Barofsky will have to play catch-up and work ferociously in order to account for the $310 billion that has already been spent, while properly supervising the rest of the relief, but I believe that he is up to the task," Baucus said in a statement.