SPONSORED:

Schumer praises choice of Defense inspector general to oversee corporate lending fund

Schumer praises choice of Defense inspector general to oversee corporate lending fund
© Bonnie Cash

Senate Minority Leader Charles SchumerChuck SchumerOvernight Health Care: Moderna to apply for emergency use authorization for COVID-19 vaccine candidate | Hospitals brace for COVID-19 surge | US more than doubles highest number of monthly COVID-19 cases The five biggest challenges facing President-elect Biden Collins urges voters to turn out in Georgia runoffs MORE (D-N.Y.) on Monday praised the choice of Department of Defense acting Inspector General Glenn Fine to head the oversight of a $454 billion corporate lending facility that Democrats have panned as a corporate “slush fund.”

“Glenn Fine has a good reputation as a tough federal prosecutor and former [Department of Justice] Inspector General, and must exercise his full oversight authority to ensure that the Trump administration implements the CARES Act as intended,” Schumer said in a statement.

The $2 trillion CARES Act that Congress passed last week to respond to the coronavirus crisis gives Treasury Secretary Steven MnuchinSteven Terner MnuchinFinancial groups applaud Biden Treasury pick Yellen US sanctions Chinese company for conducting business with Maduro regime Monumental economic challenges await Biden's Treasury secretary MORE and the Federal Reserve broad authority to make loans and set up credit facilities for a range of corporations.

ADVERTISEMENT

Democrats insisted on setting up an inspector general and a five-member congressional oversight committee to review lending and credit decisions, sparking friction with the administration.

Trump declared in a signing statement Friday that he would supervise the inspector general’s report to Congress on how the $454 billion corporate rescue fund is used. 

Schumer warned the administration Monday that all decisions would be thoroughly vetted. 

“Democrats built robust, multilayered accountability and transparency mechanisms in the CARES Act to ensure taxpayer funds are properly used to protect workers and the American people. The Pandemic Response Accountability Committee is critical to holding President TrumpDonald John TrumpGeraldo Rivera on Trump sowing election result doubts: 'Enough is enough now' Murkowski: Trump should concede White House race Scott Atlas resigns as coronavirus adviser to Trump MORE and his administration accountable to the letter and spirit of the law,” he said in his statement.

Congressional leaders also need to pick the members of the congressional oversight panel, which some Republicans say is duplicative of the regular oversight duties of the Senate and House.

Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellSenate approves two energy regulators, completing panel On The Money: Biden announces key members of economic team | GOP open to Yellen as Treasury secretary, opposed to budget pick | GAO: Labor Department 'improperly presented' jobless data Senate GOP open to confirming Yellen to be Biden's Treasury secretary MORE (R-Ky.), Schumer, Speaker Nancy PelosiNancy PelosiOvernight Health Care: Moderna to apply for emergency use authorization for COVID-19 vaccine candidate | Hospitals brace for COVID-19 surge | US more than doubles highest number of monthly COVID-19 cases House Democrats urge congressional leaders to support .1B budget for IRS Bipartisan Senate group holding coronavirus relief talks amid stalemate MORE (D-Calif.) and House Minority Leader Kevin McCarthyKevin Owen McCarthyDemocrats were united on top issues this Congress — but will it hold? Top Republicans praise Trump's Flynn pardon Richmond says GOP 'reluctant to stand up and tell the emperor he wears no clothes' MORE (R-Calif.) each get to select a member to the oversight committee.

McConnell and Schumer must agree on appointing the panel’s chairman.