Reuters News Agency reported late last night that, according to Senate aides, the secret hold on Neil Barofsky’s nomination as Inspector General to oversee the $700 billion Troubled Assets Relief Program (TARP), was lifted. ( Read the Reuters article here ). We would like to say thanks to everyone who took action and contacted their Senators, demanding both transparency and that the hold be removed.

Quick confirmation of Barofsky’s nomination is essential to protect taxpayers. It has been more than two weeks since his nomination hearing and more than two months since the TARP program was established. With billions of dollars already committed, and Secretary Paulson mulling over what to do with the next $350 billion authorized, taxpayers need their watchdog in place. We must ensure financial institutions use this taxpayer support to right their financial ships and unfreeze the credit market, rather than pad their bottom lines.