WASHINGTON — President Donald Trump declared that"I'll be the oversight" as lawmakers were in the final days of drafting what became a $2.2 trillion rescue plan for American businesses. In the end, Congress ensured that won’t be the case.
Trump’s assertion of responsibility for the coronavirus funds came Monday evening as his Treasury secretary, Steven Mnuchin, was on Capitol Hill crafting the package in late-night meetings with Senate Democratic Leader Chuck Schumer. Senate Majority Leader Mitch McConnell, R-Ky., and House Speaker Nancy Pelosi, D-Calif., had each introduced their own proposals, and Democrats said the Republican bill wasn’t strong enough, arguing that it would create a “slush fund” for corporations.
Story continues“Whenever you are appropriating over $2 trillion dollars it’s important to ensure the money is spent the way it’s intended,” says Michigan Sen. Gary Peters, the top Democrat on the Senate Homeland Security and Governmental Affairs Committee. Peters helped negotiate the oversight provisions with Schumer and the GOP chairman of the panel, Wisconsin Sen. Ron Johnson.Both Peters and House Oversight and Reform Chairwoman Carolyn Maloney, D-N.Y.
The bedrock of the new oversight is the Pandemic Response Accountability Committee, which will be made up of independent inspectors general. Modeled after a similar board created to monitor the 2008 Troubled Asset Relief Program that rescued banks, the panel will have the ability to obtain documents, coordinate audits and identify waste and abuse. The board will report what they find on a central website.
The legislation also includes a provision ensuring that bailout funds are not given to companies where a federal official, including the president, has at least a 20 percent interest. Language directed at airlines would block stock buy-backs and limit executive compensation. Negotiations on the bill churned until the end, with Democrats complaining in the hours before the vote that bipartisan language requiring the government to publish weekly lists of companies and entities that gain financing through the bailout funds was left out. Without this language, this information could have been kept secret from public, the Democrats argued. The language ended up in the final version.
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