WaPo:

Neil M. Barofsky will become a special inspector general within the Treasury Department to audit and investigate spending by the Troubled Asset Relief Program.

The special IG is the sole executive branch officer with the power to oversee the potential conflicts of interest and miscalculations in the program. Armed with a $50 million budget and dual-reporting responsibility to Congress and the president, the special IG has the independence to audit and investigate every transaction and subpoena every record associated with the rapidly changing program.

And yet it took two months from the time the Treasury Department started spending the $700 billion before the special IG's job was filled. [emphasis ed.]

The Bush administration acted immediately to appoint the rest of the bailout team, but it waited six weeks to nominate Barofsky as special inspector general. Then, his confirmation was held up anonymously by one senator. The opposition was finally lifted last week.