Congressional Oversight Commission Issues First Report

The report — “Questions About the CARES Act’s $500 Billion Emergency Economic Stabilization Funds” — focuses on the CARES Act’s provision of $500 billion to the Treasury Department for lending to businesses and to state and local governments. Notably, it finds that “Treasury has not disbursed any of the $46 billion it can use to provide loans and loan guarantees to the airline industry and businesses critical to maintaining national security.” Furthermore, “the Treasury has only disbursed $37.5 billion of CARES Act funds, which were invested in the Fed’s Secondary Market Corporate Credit Facility.” The report sets forth a list of “general and specific questions” for the Commission’s future work.