By Corey Boles Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- Congressional Democrats announced Friday that an Ivy League academic, a bank regulator and a union lawyer would sit on a panel tasked with overseeing the administration's implementation of the financial rescue plan.
Senate Majority Leader Harry Reid, D-Nev., said he had appointed Elizabeth Warren of Harvard Law School, while House Speaker Nancy Pelosi, D-Calif., said she had selected Richard H. Neiman, superintendent of banks in New York. The two congressional leaders jointly chose AFL-CIO Associate General Counsel Damon Silvers as a third member of the panel.
"I am very pleased with the breadth of experience our Democratic selections will bring to the Congressional Oversight Board," said Reid. "With their leadership, the Board will provide critical assistance to Congress in its work to improve the economy."
The panel will also be comprised of two members appointed by Republican leaders in the House and Senate. The panel is required to submit monthly reports to Congress on the use of the authorities granted to the Treasury secretary by the legislation underpinning the bailout plan.
The first report is due by Jan. 20, 2009.
Its creation was part of the oversight language included in the legislation to alleviate the concerns of many lawmakers that Treasury Secretary Henry Paulson was being given unbridled authority under the program.
Warren's research areas at Harvard University include bankruptcy, commercial law and financially distressed companies. She advises the Federal Deposit Insurance Corp. on economic inclusion policies, and has served as an adviser to the National Bankruptcy Review Commission.
Prior to being appointed as the New York State's superintendent of banks, Neiman was chief executive of TD Bank USA, N.A.
Silvers has served as associate general counsel at the largest umbrella group of U.S. labor unions since September 1997. He also sits on two Treasury Department advisory boards.
-By Corey Boles, Dow Jones Newswires; 202-862-6601; corey.boles@dowjones.com
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(END) Dow Jones Newswires
November 14, 2008 17:29 ET (22:29 GMT)

Publié le 14 novembre 2008 Copyright © 2008 Dowjones