Treasury has disbursed only a fraction of $500 billion coronavirus relief fund, commission reports
The Treasury Department has so far disbursed only $37.5 billion of the $500 billion carved out in the CARES Act to be used for emergency lending to businesses, state and local governments, according to the report from the Congressional Oversight Commission. The $37.5 billion was put toward purchasing corporate debt, which will largely benefit big companies.
The Congressional Oversight Commission, created by the $2 trillion CARES Act passed in late March, will issue a report every 30 days. So far, though, the commission's work has been impeded by the delayed appointment of a leader, which would allow the members to proceed with hiring staff and arranging meetings.
At the root of it all are two main questions:
What are the Treasury and the Fed doing with the $500 billion of taxpayer money, and who is that money helping?
Answers about when more money will be disbursed are expected from the heads of the Treasury Department and the Federal Reserve on Tuesday, when they're set to testify before the Senate Banking Committee.
https://abcnews.go.com/Politics/treasury-disbursed-fraction-500-billion-coronavirus-relief-fund/story?id=70749189&cid=clicksource_4380645_2_heads_hero_live_hero_hed
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Lied to again and scammed again for too many it seems!
