Former Congresswoman: $500B in Coronavirus Relief Package Managed By Treasury, May Go to Trump’s Cronies

Former Congresswoman: $500B in Coronavirus Relief Package Managed By Treasury, May Go to Trump’s Cronies

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Janet Ybarra
Democrat
Former Washington Journalist
Contributor on The Bipartisan Press

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The $500 billion contained in the $2 trillion economic stimulus package Congress recently approved which is to be managed by the Treasury Department will require effective oversight, according to a former Democratic congresswoman.

The recent stimulus is an attempt to rescue an economy in freefall, as much of the American people are observing lockdown and social distancing measures to try to slow the spread of the virus outbreak and COVID-19 pandemic. So far, a record 10 million Americans have reported unemployment, and the US economy could take a 30 percent hit.

Within the stimulus package is $500 billion which is to be managed at the discretion of the federal Treasury Department.

That’s opened up worry about Donald Trump directing the funds be used for corrupt purposes.

House Speaker Nancy Pelosi has established a new committee specifically tasked with oversight of disbursement of those funds.

“But what’s important is that the $2 trillion rescue package, which blows a hole for generations in our deficit and debt, be managed properly. And that’s what she’s trying to do,” former Rep. Jane Harman (D-Calif) said, referring to Pelosi. “Yes, there is an oversight committee chaired by Carolyn Maloney, who was elected to Congress when I was in 1992 and she’s very able, but Pelosi’s trying to focus on a way to tunnel all the brain cells on this one problem.

“Whether she’ll succeed, I don’t know, but it is important that there be oversight,” said Harman, who served two stints in Congress, the second ending in 2011. “Five hundred billion dollars in this $2 trillion bill are managed by the Treasury Department and they may go to [Trump’s] cronies.”

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