White House agrees to allow oversight of huge coronavirus loan program as $2 trillion Senate deal ne

[Dennis Donovan]

Source: WaPo

By Erica Werner, Mike DeBonis, Paul Kane and Jeff Stein

March 24, 2020 at 9:24 a.m. EDT

The White House has agreed to allow enhanced scrutiny over a massive loan program that is a centerpiece of the Senate’s $2 trillion coronavirus economic package, two people briefed on the discussions said, taking steps to address a major Democratic concern and potentially pave the way for a vote by Tuesday night.

The Senate bill allows the Treasury Department to extend $500 billion in loans and loan guarantees to try and blunt the virus’s economic impact. Of that amount, $425 billion is supposed to go to businesses, cities, and states. Another $50 billion would go to passenger airlines, $8 billion more for cargo airlines, and an additional $17 billion would be directed for firms that are deemed important to national security.

President Trump has already said where he wants some of the money to go, promising assistance to cruise ship companies, for example, that have operations in Miami. And when he was asked Monday evening who would perform oversight of the program, Trump responded “I’ll be the oversight.”

But during closed-door negotiations on Capitol Hill, White House officials have agreed to allow an independent inspector general and an oversight board to scrutinize the lending decisions, said the two people, who spoke on condition of anonymity to discuss the status of deliberations.

Read more: https://www.washingtonpost.com/us-policy/2020/03/24/trump-coronavirus-congress-economic-stimulus/

[bucolic_frolic]

1. Beware

Two sets of books, independent rubber stamps. Trump should have NO input into these lending facilities.

[2naSalit]

2. +1

[mountain grammy]

13. Exactly!

We've already seen how they react to oversight..

[hangaleft]

3. I don't like it

I don’t think Dems should sign off on any deal that confers upon Trump any say as to how those funds are spent. Oversight or not. No way, no how.

[Tarheel_Dem]

4. This is good to hear. Let's hope it works as long as they remember Trump stiffs lenders, so I hope

he & the fruit of his fetid loin won't be eligible.

[Fullduplexxx]

5. He is barred from running a charity because of corruption and he wants to run this

[Firestorm49]

6. "I'll be the oversight." I nearly wet my pants. Oh brother..

The King of Bankruptcy wanted to be in charge of how the $2T was to be spent! Thank somebody, anybody, that this half baked scheme was derailed. What a great way to start the day - reeling in laughter.

[machoneman]

7. Yes, where no Executive Order or WH rule....

can overide the IG's decisions. Mnuchin and his entire staff to stay out 100% of all loan decisions. Only can offer advice.

No Republican Senate majority nor House minority can overide the IG either. And no Trump property here or abroad may partcipate, nor any shell company he already has or may form to skirt said rules.

Even then..........I still don't trust him or any Republican to effectively manage this program. I do hope we Democrats stick to our guns and hold this fiasco up until WE get what WE want!

[iluvtennis]

19. + 1 nt.

[duforsure]

8. They'll regret trusting trump on anything

And shouldn't believe him now. He and munchin will find a way to get a huge payoff from this, especially trump. He's a serial liar and a crook, deserving of nothing from this now.

[Varaddem]

9. Moscow Mitch is laughing his ass off

How the hell do you think We think he can be held to account?We can’t even investigate him!
After Roberts gave them unlimited personhood, maybe we should give the corporations $1200 each and a pair of bootstraps. The market is perfect dammit!
McConnell laughed on Hannity about blocking Obama judges. His oath to a corrupt leader supersedes his oath to America. Maybe some of that shit should’ve been brought up.

[Bluethroughu]

28. That couldn't have been said better

"Give the corporations$1200 and a pair of boot straps. The market is perfect dammit!"

[RussBLib]

10. You simply cannot allow this Covidiot access to....

A $500 billion, unsupervised, slush fund.

[getagrip_already]

11. independent my posterior.....

don jr, ivanka, and jared will be the commission.

[MLAA]

12. They are going to draw straws to see who is the head of the oversight board...

...just as soon as they figure out where to buy a package of multiple length straws 😬

[captain jack]

14. So capitalism can't survive a month without socialism? n/t

[yonder]

20. Good question.

[notdarkyet]

27. But old people should die to fix the economy, while these people. Destroy it.

[beachbumbob]

15. why should american taxpayers bailout foreign registered cruise lines?

[dhill926]

26. very good question...

[rocktivity]

16. CONGRESSIONAL oversight, I hope -- who's going to be on this "commission"?

rocktivity

[Owl]

17. I hope this is a very open public process.

[LastLiberal in PalmSprings]

18. What powers will the "oversight commission" have?

Commission: "Oh gosh, pResident Trump, we'd really prefer it if you didn't give yourself $5 billion because 'my hotels are important to the economic well-being of America.' "

Trump: "Go fuck yourselves. Just give me the money."

Commission: "Okay. Sorry to bother you."

[Mr.Bill]

33. I'd be fine with Katie Porter in charge of it. n/t

[Dios Mio]

21. Trust

anyone in this admin with a vague word like “oversight”. Dump has overseen the wrecking of the USA.

[karin_sj]

22. I don't trust them in the least

They'll find a way around this

[Pepsidog]

23. Trump may finally become a billionaire.

[gab13by13]

24. Who gets to pick the Inspector General?

[KPN]

25. Unbelievable, unforgivable that they held this legislation up over

"oversight"! Americans need to all understand and get that through their heads! That they actually did that. They actually tried to grift mega-billions of our taxpayer dollars at the expense of our lives! They tried to legalize stealing our money at the expense of our lives!

This is today's Republican Party folks! In a nutshell, if we're not with them, then you're against them and they would just as soon see you gone, extinguished, the fewer of us the better. Oh, and about their brain-dead supporters who inadvertently die, oh well, there's always collateral damage in war, not to mention the risks of being a soldier, a patriot in the first place. The human cost of war .... suckers!

[Wellstone ruled]

29. So the Orang Anus has CAVED!

He is just a bloviating puppet from here on out. De-Facto President Pelosi just drew and quartered her prey.

[pandr32]

30. "I'll be the oversight" says the Impeached one

[pandr32]

31. We should have a bipartisan oversight team

who do not sign NDA's and who will keep the media informed (not just Faux).

[keithbvadu2]

32. agrees to allow oversight

agrees to allow oversight

How magnanimous of Dictator Donald.

[slumcamper]

34. So...this does nothing to make me feel better. In fact, this is worse.

It sounds so nice, but so what? We know what is going to happen.

Mueller and countless House committees, not to mention IMPEACHMENT, have utterly failed to hold this hellbeast and his so-called “administration” accountable. To the very last one, these assholes have run roughshod over any and all oversight. Called out countless times, investigated, subpoenaed, sued—its playbook is to thumb its nose, resist transparency and obstruct everything under the guise of “executive privilege,” and attack the oversight/overseers!

Our side is NOT WISE to accept their word. Time and time again, it has proven worthless. How is this time different? It isn’t, and the MAGAts will be laughing out loud and cheering wildly, “We sure OWNED the libs!”

This is about the most naïve and ridiculous falling-into-line compliance I've ever seen. The mistakes of 2008 aside, our leadership seems to have learned nothing. I hope I'm wrong; but that's how it LOOKS--and that matters.

I'm SO fed up with our inclination to play nice...

[marble falls]

35. He'd rather release ...