Oversight of the CARES Act was supposed to start immediately. It has barely gotten underway, leaving gaping holes in accountability as hundreds of billions of dollars are set to go out.
last month, leaving gaping holes in accountability just as the Treasury Department prepares to give hundreds of billions of dollars in aid to corporations.
The law put into place three oversight bodies, and House Speaker Nancy Pelosi has proposed a fourth: Complicating matters is Trump, who said as he signed the CARES Act into law that he would not abide by some of the oversight rules. In a Trump administration officials can “thumb their nose” at the inspectors general assigned to supervise implementation of the law because they are executive branch employees, Porter said. “Which means that this congressional panel, for this president, is going to be the only game in town overseeing that $500 billion.”It does not appear that Treasury or the Federal Reserve have written any checks out of the fund, Ramamurti said.
Individual lawmakers and congressional committees are trying to provide oversight as well. McConnell said Friday that Sen. Michael D. Crapo , chairman of the Senate Banking Committee, would take the lead on oversight in the Senate.
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