TARP Oversight Board Managers Will Earn $186K

The five board members picked by Congress to oversee the "Troubled Asset Relief Program" will earn at least $186,000 a year plus expenses, according to an analysis of the bill done by National Mortgage News. The five member panel will include overseers appointed by The Speaker and the minority leader of the House, the Senate majority and minority leaders, and one person picked by both the Speaker and majority leader of the Senate. The bill offers no guidance on what type of people might be appointed to the panel. Their salaries are capped based on what's called "Level 1 of the Executive Schedule" which works out to roughly $186,000 a year. Among its powers, the oversight panel can commission staff from other government agencies to work for them and hold hearings on the Treasury's TARP effort. Congress had not yet appointed any board members. In other TARP news, the Treasury has picked Simpson, Thacher and Bartlett to serve as a legal adviser. The law firm said it is already working on helping the agency with its bank equity program.