House Financial Services Committee Chairman Barney Frank sought authority to oversee and audit Treasury Secretary Henry Paulson's $700 billion program to buy bad mortgage investments.
Frank, a Democrat from Massachusetts, proposed that the U.S. Comptroller General ``commence ongoing oversight of the activities and performance'' of the plan, according to legislative language Frank's office presented to Treasury officials today. He also wants limits on compensation of corporate executives who benefit from the program and more work by the Treasury to help mortgage borrowers.
