Auditors Fault Treasury Oversight of Bailout Funds

Senators are allowed to single-handedly block nominations. They have six days during which Congress is in session to reveal their holds. But those six days have not elapsed since the hold on Barofsky occurred.

Federal Reserve Chairman Ben Bernanke speaks during a luncheon of the Austin Chamber of Commerce...

Federal Reserve Chairman Ben Bernanke speaks during a luncheon of the Austin Chamber of Commerce Monday, Dec. 1, 2008, in Austin, Texas. He said that further interest-rate cuts are "certainly feasible," but he warned there are limits to how much such action would revive an economy likely to stay weak well into next year. (AP Photo/Harry Cabluck)

(AP)

Of the senators who attended Barofsky's confirmation hearing on Nov. 19, only Sen. Jim Bunning, R-Ky., who opposed the bailout plan itself, voiced reservations about the nomination.

"Ultimately, I believe Mr. Barofsky, with his impressive legal skills, can serve the public far better in the Southern District of New York, where he can continue to prosecute mortgage fraud," Bunning said at the time.

Bunning spokesman Mike Reynard would not comment on whether Bunning had placed the hold. He noted that the senator has co-sponsored legislation that would give the inspector general greater oversight authority.

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AP Economics Writer Jeannine Aversa contributed to this article.

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