The report by the congressional panel, reviewing the government’s $700 billion rescue package for the financial sector, has spelled out ten pointed queries to the Treasury Department, and questioned whether its shifting remedies constitute a strategic response to the financial crisis.

The review represents the latest critical assessments of the way the Bush administration has been implementing the Troubled Asset Relief Program (TARP) - the massive federal intervention into the nation’s financial system.

The tough reviews come as the Bush administration is considering seeking access to the second half of the $700 billion fund. Except for $15 billion of the first $350 billion, all else has been allocated in the two months the program has been in place.

Though the 37-page draft offers no specific conclusions, the queries suggest sharp disagreements with Treasury Secretary Henry Paulson’s stewardship of the program, and echo the criticism – about lack of oversight - that was raised last week in a Government Accountability Office audit of the program.

To a great extent, the criticism aimed at Paulson centers on his decision to shift the program’s mission from purchasing troubled assets from banks and other financial institutions to infusing capital into banks by buying stakes in their equity.

The report also questions whether banks are getting demands from the Treasury similar to what the White House is asking of the US auto industry. The draft report says, “The American people need to understand Treasury’s conception of the problems in the economy and its comprehensive strategy to address those problems.”