TARP Watchdog: "We Do Not Seem To Be A Priority For The Treasury Department"

05/01/2009 05:12 am ET | Updated May 25, 2011

Elizabeth Warren, in charge of oversight of the financial industry bailout, told a congressional panel Tuesday that the Treasury Department has not been cooperating with her efforts to oversee the project.

"We do not seem to be a priority for the Treasury Department," said Warren.

She added that the administration's failure to ask for more accountability has led to a situation that is difficult to oversee. "This problem starts with Treasury," she said.

Warren is testifying before the Senate Finance Committee. We'll update with video when it's available.

Warren argued that "continuous subsidization without vigorous oversight is exactly what got us into this." She complimented the administration's oversight of the auto industry, but contrasted it with the lack of the same with regard to the banks.

Warren said Congress may need to enact new legislation to give itself more access to the bailout program.

Filmmaker Michael Moore was spotted sitting a few rows behind Warren, listening intently as she spoke.

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