As Congress considers how to spend the second half of the $700 billion Wall Street bailout package, it's worth asking: Is the bailout working?

It's a tough question to answer. But what makes it more difficult is the lack of accountability of those who get the money. That needs to change.

So far about $350 billion in U.S. taxpayer money has been spent. Most of it went to banks, in an effort to encourage lending and unclog the nation's credit markets.

But in the rush to save the collapsing economy, the bailout was implemented on Oct. 3 apparently without adequate regulatory safeguards.

Government watchdogs and lawmakers have become increasingly frustrated that there has been little tracking of how the taxpayers' money has been spent. Banks aren't required to provide a detailed accounting, and they haven't.

As a result, no one knows if the money is being spent on loans or foreclosure relief, as intended, or on unrelated business, like acquiring other banks or paying executive bonuses.

"There is little evidence of what effect these billions of dollars are having on us," said Elizabeth Warren, who chairs the Congressional Oversight Panel. The panel, as well as the General Accountability Office, has called on the Treasury Department to account for the effectiveness of the bailout that it's supposed to be managing. Shamefully, so far no clear answers have been forthcoming.

One thing is clear, though — not another nickel of the remaining $350 billion should be released until proper safeguards are in place to ensure transparency. And restrictions should be placed on the funds to ensure they're spent for their intended purpose — to help Main Street get the credit it needs to recover.

Meanwhile, a large loophole in the bailout plan allows many CEOs to use the money for compensation. Fiscal responsibility has not thus far proved to be a strong suit among these financial institutions. An Associated Press analysis revealed that the bailed-out banks last year gave their top executives nearly $1.6 billion in salaries, bonuses and other perks.

It should be remembered that lack of proper oversight is what got Wall Street in trouble in the first place. Let's not repeat the mistake.