Two watchdogs overseeing the financial industry bailout said Wednesday that they have launched a joint effort to ensure "appropriate" returns on stock warrants.

The special inspector general for the Troubled Asset Relief Program and the Congressional Oversight Panel said they have begun estimating warrant values as bankers begin returning capital to the government.

"This analysis will highlight the policy choices and degree of discretion that Treasury has as it negotiates the sale of these warrants," Neil Barofsky, the special inspector general, and Elizabeth Warren, the panel's chairwoman, wrote in a letter to leaders of the financial services committees in Congress.

Barofsky and Warren also wrote that they plan to conduct an audit of the warrant sale process to examine "the process Treasury has established to value the warrants for repurchase," among other things.

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