'I want to be crystal clear: The Treasury can move this money in an hour,' said the California Democrat.
"I want to be crystal clear: The Treasury can move this money in an hour," said the California Democrat.WASHINGTON ― Whether or not they realized it, lawmakers just passed a $2 trillion stimulus bill that lets Treasury Secretary Steven Mnuchin give $500 billion to corporations without any particularly meaningful oversight on how it gets spent, which sectors will be treated as a bigger priority for getting financial help, or when the money will be repaid.
HuffPost caught up with Porter to get her take on this $500 billion Treasury Department fund. There are some oversight measures written into the bill ― it creates a special inspector general and a congressional oversight panel and requires Treasury to post its transactions on its website.
What really concerns me about the stimulus is the lack of robust oversight over the Treasury fund. As I understand it, we’re talking about roughly $500 billion. There’s no reason there can’t be stronger oversight here except that, frankly, clearly, we couldn’t get to an agreement with the Trump administration and with the Senate Republicans about it.
But the public needs to understand which industries are getting this. What, if any, conditions are being put on it? What is the time frame for paying this back? And just like we had a robust debate in the last two weeks about “Should we pay for testing? Should we pay for treatment? What about people who have insurance?” ― we had a public debate around all of those things. There should be room to have public debate on this $500 billion fund.
There is this congressional oversight panel and this inspector general. That structure is clearly based off of TARP. Again, I would just say, this is not fully analogous. There is more time here. Not that there is time to waste, but there is time to act. I disagree with Democratic leadership. I would not characterize this as ― and this is in the Senate talking points, but I’m sure the House’s are similar ― they’re characterizing this as robust transparency protections. I would respectfully say I think these are potentially weak transparency protections.
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