Obama signs bill that strengthens oversight of $787B rescue plan

President Obama today signed into law a bill aimed at strengthening oversight of the $787 billion financial rescue plan. The law increases the power of the special inspector general, a position created to oversee the Troubled Asset Relief Program. Specifically, it gives the special inspector general, former New York prosecutor Neil Barofsky, the ability to oversee any action taken under the plan and provides him with additional tools to bolster oversee how the funds are spent. The law requires Treasury Secretary Timothy Geithner to explain to Congress why any inspector general’s recommendations are not carried out The inspector general is expected to issue a report in September that looks at how the program’s funds are being spent.