Mr. Ramamurti asked the Fed to provide details about the identity of borrowers, the terms of the loans and the intended use of the proceeds. He is also seeking full deal documents, information about the equity supporting the deals, and proof that the money is not going to foreign businesses or companies controlled by White House officials or members of Congress and their families.
The Fed, which avoids taking credit risk on its own, is using Treasury funds authorized by Congress to buy corporate and municipal bonds and to provide lending to mid-sized businesses as part of an effort to keep credit flowing as the coronavirus pandemic shutters large parts of the economy. Congress gave the Treasury Department $454 billion to back up the Fed’s efforts, which need to be insured against losses.
The economic relief legislation that Mr. Trump signed last month created a three-pronged oversight structure: a special inspector general within the Treasury Department, a committee of inspectors general and the Congressional Oversight Commission, which is selected by the majority and minority leaders of the Senate as well as the House Speaker and minority leader.
Mr. Ramamurti, a former aide to Senator Elizabeth Warren, Democrat of Massachusetts, was the first person selected to what will ultimately be a five-person commission that will oversee the bailout fund being run by the Treasury Department.
There have been growing concerns that Mr. Trump will not comply with oversight efforts, particularly after his selection of a White House lawyer, Brian D. Miller, to serve as the special inspector general at Treasury and his firing of the Pentagon’s inspector general, Glenn A. Fine, who had been tapped by the Council of the Inspectors General on Integrity to lead the new Pandemic Response Accountability Committee.
PamZero on April 16th, 2020 at 02:21 UTC »
I mean can my wife and I get something??? Sba relief or the ppp loans or the stimulus check or unemployment?? Anything? Still waiting to hear back on everybting!!
We were forced to close both of our businesses, lay-off employees and we have 0 income coming in with ZERO answers from all the “available programs.”
IHateClickingLinks on April 16th, 2020 at 01:55 UTC »
Here is the text for those who dont want to click the link
d1sass3mbled on April 16th, 2020 at 01:46 UTC »
And us small businesses that need it can't get it now because our pie is gone.