Congress still hasn’t picked a chair for its bailout oversight commission
When the US Congress enacted a $1.5 trillion pandemic rescue act in late March, it wanted to ensure help got to the right people, so it formed the Congressional Oversight Commission to monitor how the Federal Reserve and Treasury used the funds.
The law requires the commission to report back to Congress 30 days after the Federal Reserve and Treasury begin using their authority. With the Fed’s first major actions under the law, known as the CARES Act, taking place on April 9, that first report is due on May 8.
There’s just one problem: While Congressional leaders have chosen four of the five commissioners, they have yet to appoint the chair of the commission, and there is little chance the body will make its deadline.
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