We need BETTER OVERSIGHT of a #bailout for the #COVID19 crisis. It's worth $5 trillion - a quarter of GDP. We need to use Phase 4 legislation to improve oversight. Let's not play small ball. (Hat tip: @kyledcheney+@mzanona) THREAD 1/12
.@RepKatiePorter, mindful that the public remembers the #bailout of #WallStreet all too well, hits the right notes: “In the wake of the financial crisis 10 years ago, there are going to be a lot of suspicions. Can we trust the Fed and the Treasury?” 2/12 politico.com/news/2020/04/0…
.@ChuckGrassley is adding a bipartisan tone to the discussions. “Now, more than ever, it’s critical that we ensure that this money is used as intended,” Grassley said. He’s a longtime fan of good oversight. 3/12 grassley.senate.gov/issues-legisla…
Remember, @realDonaldTrump issued a signing statement after approving the #CARESAct announcing IN ADVANCE that he will would ignore key parts of the oversight mechanisms 4/12
.@SenSherrodBrown, @RonWyden, @SenSchumer, @SenWarren, and @RepMaxineWaters are already on his case. But will be a long slog under the best of circumstances 5/12
Ideas for doing better the next time around are already out there - if Congress wants to make it happen. For example, the bailout administration could put into a separate, independent agency with broad representation (labor, Congress, business, etc.) 6/12
.@STOmarova has pitched the idea of a National Investment Authority, reminiscent of the New Deal-era Reconstruction Finance Corp., a successful effort to get money to business, in an efficient, non-corrupt way. 7/12
.@stevemnuchin1 @USTreasury, after all, is currently mulling @goldmansachs as an “adviser” to administer the bailouts. Is that really what we need? NO! 8/12 bloomberg.com/news/articles/…
Why isn’t the congressional oversight committee in the #CARESAct stronger? It should be better-resourced, with independent authorities that include the ability to issue subpoenas. 9/12
.@NeilBarofsky makes the case that Inspectors General for big programs like this need to be a combination of auditors and law enforcement agency. 10/12 bloomberg.com/opinion/articl…
.@RepMaloney is pitching the idea that Congress should bad companies from using #COVID19 relief cash to lobby. Great. No need to amp up the corporate lobby with taxpayer money. 11/12
Oversight matters! We must learn the lessons of the 2008 financial crisis and our response. It’s the difference between laws that help ordinary people make ends meet during the #COVID19 crisis and a law that lines the pockets of big corporations. It really matters! 12/END
BREAKING: @SpeakerPelosi announced plans for a select oversight committee on #COVID19 crisis that will also examine the bailouts. Good. More needed! washingtonpost.com/us-policy/2020…
