Essential

Who's Overseeing the Bailout?

When the bailout bill was first debated, Congress was applauded for promising oversights on its implementation. But The Washington Post reports that "no formal action has been taken to fill the independent oversight posts established by Congress when it approved the bailout to prevent corruption and government waste." And Congress has missed the deadline for its first monitoring report. The Congressional Budget Office, which also has oversight responsibilities, is worried it won't be able to find people with the expertise to carry them out. "It's a mess," said the Treasury Department's inspector general. "I don't think anyone understands right now how we're going to do proper oversight of this thing."