Supervisory body misses coronavirus aid package deadline


Four members of a still-leaderless panel appointed by Congressional leaders to oversee federal-backed $ 500 billion loans to distressed industries said they would have their first reporting deadline under the March coronavirus relief package miss.

The Commission Creation Act requires monthly reports commencing 30 days after the Treasury Department and the Federal Reserve’s first exposure to the $ 2 trillion measure is made.

“Although we will not publish a report today, we are working on fulfilling our responsibilities without staff, budget and chairman, and intend to publish one soon,” said the four panel members in a joint statement Friday.

With the Fed announcing its new Treasury-sponsored loan programs on April 9, one of its board members, Rep. French Hill, R-Ark., Wrote in the Arkansas Democrat Gazette this week that the deadline would be this weekend could . However, in the absence of any reports that any of the new credit facilities have granted a loan, it could be argued that a report is not due until 30 days after the initial loan is taken, Hill said in an interview with CQ Roll Call.


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