President-elect Barack Obama urged a revamping of the government's $700 billion financial bailout, saying in an interview broadcast on Sunday it had to increase the flow of credit to families and businesses.

"I, like many, are disappointed with how the whole TARP process has unfolded," Obama said, referring to the Troubled Asset Relief Program.

"There hasn't been enough oversight," Obama said in an interview on ABC's "This Week with George Stephanopoulos." "We found out this week in a report that we are not tracking where this money is going."

Stephanopoulos pressed Obama on whether he wanted U.S. President George W. Bush to request permission from Congress to use the second half of the bailout funds.

Obama, who takes over from Bush on January 20, did not answer directly but said he wanted to see the program changed to do more to help families stave off foreclosures and to increase the flow of credit for small businesses.