While Mr. Bond is on an almost one man quest to give taxpayer money to the auto industry, the junior senator from Missouri is co-sponsoring bi-partisan legislation to provide greater oversight over the “bailout” money that has already been allocated for financial institutions. There have been calls to use part of the $700 billion to help the car companies.

From the Economic Policy Review blog:

On November 19, 2008 U.S. Senators Claire McCaskill (D-MO) and Chuck Grassley (R-IA) introduced the McCaskill-Grassley Bill to provide additional oversight of the Troubled Asset Relief Program (“TARP”). The bill is designed to increase the power and better define the role of the Special Inspector General (“IG”). The TARP was originally established to purchase troubled assets (bad mortgages) from the flailing financial institutions. The TARP has shifted the programs focus to the Capital Purchase Program (“CPP”), effectively functioning as a private equity fund focused on PIPE (private investments in public equities) investments in out-of-favor industries, which in fact would be every industry in the United States. Read more…

Related:

Political Fix: Quantum of solace? Bond meets with nervous auto workers

Rassmussen Video: Voters Find Auto Industry Less Essential to Economy

Crucis’ Court: Local radio host in hot water with ‘pub Senator and Automaker

MOPNS: Kit Getting More Bad Advice?

Video: Sen. Kit Bond provides Big Three with some tips on how to gain Congress loan approval

Hat tip:FoxNewsElectionHQ

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