Defeated U.S. Sen. John Sununu (R-N.H.) has been named by Senate Republican Leader Mitch McConnell (R-Ky.) to the five-member congressional panel created to oversee the $700 billion Wall Street bailout approved by Congress this fall.

Sununu, who was defeated by New Hampshire Gov. Jeanne Shaheen in November, will serve on the panel charged with reviewing the plan outlined in the bailout, officially known as the Troubled Asset Relief Program (TARP), as well as the overall health of the U.S. financial markets and any needed reforms.

McConnell's full statement:
Sen. Sununu has long been a leader on economic and financial market issues and has dedicated his career to ensuring that Congress remains good stewards of taxpayer funds.

As the co-author of legislation to strengthen oversight of Fannie Mae and Freddie Mac, John raised warning flags about the risks in our mortgage finance system years ago. American taxpayers and Congress will find that John is well-equipped to provide timely reports on the use of funds and ensure TARP funds are properly allocated to ensure the long-term stability of America