A congressional panel overseeing the Treasury Department's $700 billion financial bailout is demanding more answers.

In its first report, released Dec. 10, the panel said it asked Treasury how banks are spending taxpayer money, how the money will combat the rising tide of home foreclosures and the agency's overall strategy for the rescue.

But the panel's second report says Treasury's Dec. 30 response "did not provide complete answers to several of the questions and failed to address a number of the questions at all."

The new document cites an Associated Press investigation that found none of the banks have been willing to disclose what they were doing with hundreds of billions of dollars distributed through direct injections of federal money.

The Congressional Oversight Panel is one of the few means of accountability provided under the bailout legislation.

(Copyright 2009 by The Associated Press. All Rights Reserved.)