Among the chief concerns surrounding the Bush administration’s $700-billion Wall Street rescue plan has been the startling absence of oversight that
“„Proper oversight will require not only our constant effort, but the full-time attention of an office with only one task: to monitor this extremely complex effort with a team of expert personnel who will not be distracted by other duties. This office must be given the power to investigate and audit, with the ability to issue subpoenas for any necessary documents. It must report to Congress a complete set of facts about the activities of the Treasury Department and its contractors every 120 days.
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“„The administration is asking the American people to put up $700 billion in a crisis, to execute a rescue plan for a faltering financial system. If Americans are to assume that level of risk, they deserve the action and advocacy of a team that wakes up every morning with one mission in mind: to track in the greatest detail possible the efforts of the Treasury Department in order to hold the officials executing the plan accountable, allowing Congress to properly monitor this unprecedented effort.