Trump and Congress have killed oversight of the federal coronavirus bailout.
Congress is about to make huge mistakes with the next bailout, says a veteran of the last bailout
“Government officials don’t want to share information because they’re worried it will be politically harmful or show failures in the program,” says Neil M. Barofsky, who oversaw spending in the 2008 bank bailout as special inspector general for the so-called TARP and has kept an eye on the evolution of the coronavirus bailout.
When I last spoke with Barofsky, as the CARES Act was being considered on Capitol Hill, he warned of the necessity of strong oversight of its spending. Danielle Brian, executive director of the Project on Government Oversight, an influential watchdog group, calls the administration’s effort to withhold spending data from all scrutiny “the primary crisis underlying oversight of COVID relief funding.”Although the firing of inspectors general and other interference with the oversight process are troubling, Brian says, “if we’re not getting the data, all these other things don’t matter.
The body comprises four members — one each appointed by the Democratic and Republican leaders in each chamber. They’re in place. But House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell haven’t yet publicly agreed on a chair.
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