Outgoing U.S. Sen. John Sununu (R-Waterville Valley) was appointed Wednesday to the oversight panel in charge of overseeing the financial bailout.

Senate Republican Leader U.S. Sen. Mitch McConnell (R-Ky.) appointed Sununu after fellow New Hampshire U.S. Sen. Judd Gregg (R-Rye) resigned. The panel is charged specifically with keeping track of money from the Troubled Asset Relief Program (TARP).

"This program represents the most significant government intervention in the financial markets in my lifetime," Sununu said in a statement. "Taxpayers, policy makers, and investors deserve a clear and accurate assessment of how these funds are allocated, and what benefit they provide. I also look forward to working with panel members to develop comprehensive recommendations for modernizing and reforming our regulatory system."

Sununu is a member of the Senate Finance Committee, the Senate Joint Economic Committee, and former member of the Senate Banking Committee. He was defeated for re-election in November by U.S. Sen.-elect Jeanne Shaheen (D-Madbury).

Even though his term expires in January 2009, Sununu's term on the oversight panel will last until June 2010. Gregg, whose seat Sununu is filling, said he recommended that McConnell appoint Sununu.

"Throughout his twelve years of service in Washington, Senator Sununu has been a strong leader advocating for significant reform and oversight on the many fiscal challenges facing our country," Gregg said in a statement. "His experience on the Senate Banking and Finance Committees make him an effective voice for overseeing the TARP program in which dollars must be committed quickly to ensure that our financial markets remain solvent."

Gregg announced two weeks ago that he was stepping down from the panel because of his duties on the Senate Budget Committee and the Foreign Operations Appropriations Subcommittee.