Baucus Decries Hold on Bailout Inspector Confirmation

Senate Finance Committee Chairman Max Baucus (D-Mont.) criticized the hold by an unnamed senator that’s been placed on the confirmation of the inspector asked to oversee the investment bank bailout.

An anonymous senator is preventing Neil Barofsky from receiving a vote on his appointment to become the inspector general for the Troubled Assets Relief Program, which is the $700 billion measure aimed at rescuing the financial sector.

A congressional report showing that the Treasury Department has had a tough time tracking how the bailout money has been used underscores the need for an inspector, Baucus suggested.

The General Accountability Report report, released Tuesday, “proves the immediate need for oversight of the taxpayer dollars being expended right now as part of TARP,” Baucus said in a statement.

He added: “With $290 billion allocated, and another $40 billion sent out the door last week, it makes no sense to block the appointment of the Special Inspector General.