Ten questions for Treasury on the financial-system rescue

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The congressional oversight panel set up to review the Treasury’s $700-billion bailout of the financial sector issued its first report today, and it basically just asks a lot of questions -- 10, specifically.

Most taxpayers would probably prefer answers, not questions, at this point. But the committee said it was setting the agenda for its future work in judging the effectiveness of the financial-system rescue.

‘In the months to come the Congressional Oversight Panel will do its best to guarantee that public actions are built on robust foundations that will strengthen the real economy,’ the report promises.

You can read the 37-page report here. Meanwhile, here are the 10 questions it poses (each is discussed in some detail in the report):

1. What is Treasury’s strategy?

2. Is the strategy working to stabilize markets?

3. Is the strategy helping to reduce foreclosures?

4. What have financial institutions done with the taxpayers’ money received so far?

5. Is the public receiving a fair deal?

6. What is Treasury doing to help the American family?

7. Is Treasury imposing reforms on financial institutions that are taking taxpayer money?

8. How is Treasury deciding which institutions receive the money?

9. What is the scope of Treasury’s statutory authority?

10. Is Treasury looking ahead?

-- Tom Petruno