Sen. Ted Kaufman (D-Del.) is replacing Elizabeth Warren on the Congressional panel that oversees the Troubled Asset Relief Program, according to a statement issued by the Senator’s office Thursday.

Majority Leader Harry Reid (D-Nev.) appointed Kaufman to the panel Thursday, according to the statement. Congress created the panel to oversee the $700 billion bailout enacted in 2008 in response to the economic crisis.

Reid praised Kaufman in a statement Thursday. “Senator Kaufman was a leader in the fight to bring greater oversight to Wall Street in the financial reform legislation,” he said. “In his new role on the Congressional Oversight Panel, I am confident that Senator Kaufman will be a strong advocate for taxpayers and consumers much like Elizabeth Warren was.”

Warren stepped down from the panel to become the special adviser to help lead the new Bureau of Consumer Financial Protection. She was the panel’s chairwoman, and it is unclear whether Kaufman will become chairman.

Kaufman was appointed in 2009 to fill the Senate seat of Joseph Biden when he became vice president. Kaufman’s office said he would continue to serve in the Senate until Nov. 15, when the winner of the Senate race between Republican Christine O’Donnell and Democrat Chris Coons is sworn in.

John Stanton contributed to this report.