Paulsen wins backing on TARP oversight

The U.S. House unanimously approved a bill that freshman Rep. Erik Paulsen co-sponsored increasing the oversight of the government's Wall Street bailout

March 26, 2009 at 6:41PM

WASHINGTON -- In the first big legislative success for freshman Rep. Erik Paulsen, R-Minn., the U.S. House on Wednesday unanimously approved a bill he co-sponsored increasing the oversight of the government's Wall Street bailout.

In what he called a major step for protecting taxpayer money, the bill would create broad authority for a Special Inspector General to oversee federal spending through the Troubled Asset Relief Program (TARP).

The Senate has approved similar legislation, which covers federal money used to bail out banks and other financial institutions, including the troubled AIG insurance company.

Paulsen is one of three original cosponsors of the House bill, which gives the inspector the authority to audit or investigate any action taken with the federal bailout funds.

KEVIN DIAZ

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