The Senate Homeland Security and Governmental Affairs Committee (HSGAC) announced yesterday that it is creating a new ad hoc subcommittee to examine waste, fraud and abuse in federal contracting. The Contracting Oversight Subcommittee will be chaired by Senator Claire McCaskill (D-MO), a former prosecutor and state auditor, and Senator Susan Collins (R-ME) will serve as the ex-officio Ranking Member. The new subcommittee will have broad jurisdiction over government procurement matters, reaching beyond just homeland security contracting issues to include all federal government contracts. McCaskill has said that she plans to staff the subcommittee immediately in order to launch oversight inquiries as early as next month.