Kaufman named to take over Warren's spot on panel

Sen. Ted Kaufman (D-Del.), was appointed Thursday to the Congressional Oversight Panel (COP), which oversees the Troubled Asset Relief Program (TARP). 

Kaufman, tapped by Senate Majority Leader Harry Reid (D-Nev.), fills the open position held by Elizabeth Warren, who left to become interim director of the Consumer Financial Protection Bureau. 

The panel will expire April 3, 2001, six months after the $700 billion TARP ends on Oct. 3, and is expected to produce six more reports on on the financial industry's bailout program. 

Kaufman, who is leaving Congress, will serve until his successor is sworn in Nov. 15. 

Treasury Secretary Timothy Geithner said today the final cost of TARP is expected to come in below $50 billion.