COVID-19 Congressional Oversight Commission

The COVID-19 Congressional Oversight Commission (COC) is an oversight body in the United States created by the CARES Act. They will report to Congress every 30 days on how the Department of the Treasury and the Federal Reserve Board manage the funds until September 30, 2025.[1][2] These reports will assess:[2]

  • The economic impact the disbursements have on the populace, financial markets, and financial institutions
  • The transparency of how the money is used
  • The long-term costs and benefits to taxpayers taking on loans made by the legislation

Membership

The COC has a similar composition and remit as the TARP Congressional Oversight Panel. It will have five members, one member each appointed by the House Speaker (Nancy Pelosi), House Minority Leader (Kevin McCarthy), Senate Majority Leader (Mitch McConnell), Senate Minority Leader (Chuck Schumer), and the chair chosen jointly by the House Speaker and Senate Majority Leader. They need not be members of Congress.[2] As of 18 May 2020, the chair remained vacant, as the House Speaker and Senate Majority Leader had not yet agreed.[3] The current membership is:

117th Congress

Majority Minority
Senate members
  • Bharat Ramamurti (D) (until January 20, 2021)
    • Vacant (form January 20, 2021)
  • Sen. Pat Toomey (R-PA)
House members
  • Donna Shalala (D-FL)
  • Rep. French Hill (R-AR)
Chair
  • Vacant

116th Congress

Majority Minority
Senate members
  • Sen. Pat Toomey (R-PA)[4]
  • Bharat Ramamurti (D)[5]
House members
  • Rep. Donna Shalala (D)[4]
  • Rep. French Hill (R-AR)[6]
Chair
  • Vacant

Reports

The committee released its first report on 18 May 2020. It describes how the $500 billion Treasury Department fund will function.[3]

See also

References

  1. ↑ Straus, Jacob R.; Egar, William T. (April 2, 2020). "COVID-19 Congressional Oversight Commission (COC)". Congressional Research Service. Retrieved April 17, 2020.
  2. 1 2 3 Ervin, Clark; Daum, Margaret; Arianina, Kristina; Morris, Patrick (March 27, 2020). "An Overview of Oversight for COVID-19 Relief". Law360. Retrieved April 18, 2020.
  3. 1 2 Werner, Erica (18 May 2020). "$500 billion Treasury fund meant for coronavirus relief has lent barely any money so far, oversight commission finds". Washington Post. Retrieved 18 May 2020.{{cite news}}: CS1 maint: url-status (link)
  4. 1 2 Cheney, Kyle; Zanona, Melanie (April 17, 2020). "Pelosi, McConnell Name Picks to Serve on Coronavirus Oversight Panel". Politico. Retrieved April 17, 2020.
  5. ↑ LeVine, Marianne; Cheney, Kyle (April 17, 2020). "Schumer Taps Warren Aide for New Coronavirus Oversight Commission". Politico. Retrieved April 6, 2020.
  6. ↑ Lane, Sylvan (April 17, 2020). "GOP Rep. French Hill Named to Coronavirus Oversight Committee". The Hill. Retrieved April 17, 2020.
This article is issued from Offline. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.