For now, Otto Man lays it out better than anything I've read so far:
This isn't oversight. This is overlook.
They're overlooking the fact that the president broke the law, admitted he broke the law, and promised to break the law again. In response, without holding meaningful hearings, conducting their own investigations, or doing anything else contained in their job descriptions, they're simply going to rewrite the rules so that Bush can keep on doing what he's doing. They'll overlook what he's done in the past, and with this new toothless law, they'll be able to overlook what he does in the future.
What we're seeing here is the Harry Whittington Principle. The president shot the law in the face, and the Republicans in Congress are making sure that the law apologizes to the president for getting in his way.