Read on Twitter
Thank you @SenSchumer. The Commission oversees $500B in taxpayer money -- more than total projected federal spending on Medicaid and education this year. I look forward to working with my fellow Commission members to get it up and performing robust oversight quickly. 1/ https://twitter.com/SenSchumer/status/1247243226207092743
By law, the Commission must examine how the program affects “the financial well-being of the people of the United States.” That's a key question: is the money going to help American workers and state and local governments that need it? If not, what’s it being used for instead? 2/
The law also tells Treasury to “endeavor” to create a program that supports loans to “mid-sized businesses” and includes requirements to ensure the money supports workers. Will Treasury and the Fed implement the program as described or create a version with fewer requirements? 3/
And the law prohibits funds going to support foreign businesses and businesses that the President, Vice President, and Members of Congress (and their families) control. The Commission should watch closely to make sure Treasury and the Fed follow these rules. 4/
Ultimately, the Commission must monitor if the program is operating as Congress designed. Is the money getting out promptly with the required strings attached? We have a serious obligation to the American people to monitor this half-trillion dollar program. Let's get to work.
