The stimulus bill is a mess. Experts should a good look at Section 4003, especially p. 519.
Defenders of the bill keep saying the independent Fed controls most of the funds ($454B), but the bill gives spending power and huge waiver to the Treasury Sec:
1/
Defenders of the bill keep saying the independent Fed controls most of the funds ($454B), but the bill gives spending power and huge waiver to the Treasury Sec:
1/
2/ Here's the spending power.
The Fed creates the programs under 4003(b)(4), but the Treasury Secretary makes the loan decisions with massive discretion and waiver under 4003.c.3.A.ii and iii.
h/t @jciv
The Fed creates the programs under 4003(b)(4), but the Treasury Secretary makes the loan decisions with massive discretion and waiver under 4003.c.3.A.ii and iii.
h/t @jciv
3/ And it is not clear how the Congressional Oversight Commission under Section 4020 has teeth to enforce its oversight.
It doesn't have subpoena power, enforcement powers, or any quasi-executive powers. Does it depend entirely on congressional committees for subpoena power?
It doesn't have subpoena power, enforcement powers, or any quasi-executive powers. Does it depend entirely on congressional committees for subpoena power?
