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| One Person is Overseeing Congress’s Bailout Loans. He Wants Answers. | One Person is Overseeing Congress’s Bailout Loans. He Wants Answers. |
| (about 16 hours later) | |
| WASHINGTON — The lone member of the nascent Congressional Oversight Commission created as part of President Trump’s $2 trillion economic stimulus law is calling on the Federal Reserve to release detailed information about which companies receive loans from its emergency lending facilities and how the money is being used. | WASHINGTON — The lone member of the nascent Congressional Oversight Commission created as part of President Trump’s $2 trillion economic stimulus law is calling on the Federal Reserve to release detailed information about which companies receive loans from its emergency lending facilities and how the money is being used. |
| The request comes amid growing concern that disbursements from the giant economic stabilization package will be shrouded in secrecy or used improperly. In recent weeks, the Fed and the Treasury Department have rolled out a half-dozen emergency lending facilities that will allow the Fed to inject $4 trillion into almost every corner of financial markets. But who will be getting what remains murky. | The request comes amid growing concern that disbursements from the giant economic stabilization package will be shrouded in secrecy or used improperly. In recent weeks, the Fed and the Treasury Department have rolled out a half-dozen emergency lending facilities that will allow the Fed to inject $4 trillion into almost every corner of financial markets. But who will be getting what remains murky. |
| In a letter sent on Wednesday to Jerome H. Powell, the Fed chair, and Steven Mnuchin, the Treasury secretary, Bharat Ramamurti, the only person appointed to the Congressional Oversight Commission so far, demanded clarity. | In a letter sent on Wednesday to Jerome H. Powell, the Fed chair, and Steven Mnuchin, the Treasury secretary, Bharat Ramamurti, the only person appointed to the Congressional Oversight Commission so far, demanded clarity. |
| “I write to respectfully request that the Federal Reserve publicly release detailed and timely information about each individual transaction,” Mr. Ramamurti wrote. “The public deserves to know which companies are receiving taxpayer-backed lending through the Fed and on what terms, and to be able to monitor what those companies do after receiving taxpayer support.” | “I write to respectfully request that the Federal Reserve publicly release detailed and timely information about each individual transaction,” Mr. Ramamurti wrote. “The public deserves to know which companies are receiving taxpayer-backed lending through the Fed and on what terms, and to be able to monitor what those companies do after receiving taxpayer support.” |
| Mr. Ramamurti asked the Fed to provide details about the identity of borrowers, the terms of the loans and the intended use of the proceeds. He is also seeking full deal documents, information about the equity supporting the deals, and proof that the money is not going to foreign businesses or companies controlled by White House officials or members of Congress and their families. | Mr. Ramamurti asked the Fed to provide details about the identity of borrowers, the terms of the loans and the intended use of the proceeds. He is also seeking full deal documents, information about the equity supporting the deals, and proof that the money is not going to foreign businesses or companies controlled by White House officials or members of Congress and their families. |
| The Fed, which avoids taking credit risk on its own, is using Treasury funds authorized by Congress to buy corporate and municipal bonds and to provide lending to mid-sized businesses as part of an effort to keep credit flowing as the coronavirus pandemic shutters large parts of the economy. Congress gave the Treasury Department $454 billion to back up the Fed’s efforts, which need to be insured against losses. | The Fed, which avoids taking credit risk on its own, is using Treasury funds authorized by Congress to buy corporate and municipal bonds and to provide lending to mid-sized businesses as part of an effort to keep credit flowing as the coronavirus pandemic shutters large parts of the economy. Congress gave the Treasury Department $454 billion to back up the Fed’s efforts, which need to be insured against losses. |
| The economic relief legislation that Mr. Trump signed last month created a three-pronged oversight structure: a special inspector general within the Treasury Department, a committee of inspectors general and the Congressional Oversight Commission, which is selected by the majority and minority leaders of the Senate as well as the House Speaker and minority leader. | The economic relief legislation that Mr. Trump signed last month created a three-pronged oversight structure: a special inspector general within the Treasury Department, a committee of inspectors general and the Congressional Oversight Commission, which is selected by the majority and minority leaders of the Senate as well as the House Speaker and minority leader. |
| Mr. Ramamurti, a former aide to Senator Elizabeth Warren, Democrat of Massachusetts, was the first person selected to what will ultimately be a five-person commission that will oversee the bailout fund being run by the Treasury Department. He was picked for the post earlier this month by Senator Chuck Schumer of New York, the minority leader, who described Mr. Ramamurti as “a ferocious advocate for consumers who will fight for transparency and hold bad actors accountable.” | Mr. Ramamurti, a former aide to Senator Elizabeth Warren, Democrat of Massachusetts, was the first person selected to what will ultimately be a five-person commission that will oversee the bailout fund being run by the Treasury Department. He was picked for the post earlier this month by Senator Chuck Schumer of New York, the minority leader, who described Mr. Ramamurti as “a ferocious advocate for consumers who will fight for transparency and hold bad actors accountable.” |
| Educated at Harvard and Yale, Mr. Ramamurti was previously Ms. Warren’s senior counsel, focused on economic and banking policy. Most recently, he was a deputy policy director on her presidential campaign. While working on Ms. Warren’s Senate staff, he led her efforts to investigate Wells Fargo over its aggressive sales practices and push for reforms at Equifax following its data breach. | Educated at Harvard and Yale, Mr. Ramamurti was previously Ms. Warren’s senior counsel, focused on economic and banking policy. Most recently, he was a deputy policy director on her presidential campaign. While working on Ms. Warren’s Senate staff, he led her efforts to investigate Wells Fargo over its aggressive sales practices and push for reforms at Equifax following its data breach. |
| On Friday, Mr. Ramamurti said he had yet to receive a response to his letter. | On Friday, Mr. Ramamurti said he had yet to receive a response to his letter. |
| “Our mission is to determine how this $500 billion affects the financial well being of American families,” he said in an interview. “The only way we can figure out what the effect is on American families is if we figure out which American companies are getting money and what they’re doing with it.” | “Our mission is to determine how this $500 billion affects the financial well being of American families,” he said in an interview. “The only way we can figure out what the effect is on American families is if we figure out which American companies are getting money and what they’re doing with it.” |
| There have been growing concerns that Mr. Trump will not comply with oversight efforts, particularly after his selection of a White House lawyer, Brian D. Miller, to serve as the special inspector general at Treasury and his firing of the Pentagon’s inspector general, Glenn A. Fine, who had been tapped by the Council of the Inspectors General on Integrity to lead the new Pandemic Response Accountability Committee. | There have been growing concerns that Mr. Trump will not comply with oversight efforts, particularly after his selection of a White House lawyer, Brian D. Miller, to serve as the special inspector general at Treasury and his firing of the Pentagon’s inspector general, Glenn A. Fine, who had been tapped by the Council of the Inspectors General on Integrity to lead the new Pandemic Response Accountability Committee. |
| The economic stimulus legislation requires the Fed and Treasury to turn over an array of information after disbursing loans. However, Mr. Ramamurti is concerned that the information could be provided in aggregate, making it difficult for watchdogs or taxpayers to know how the money is being spent and which specific companies or sectors are benefiting. | The economic stimulus legislation requires the Fed and Treasury to turn over an array of information after disbursing loans. However, Mr. Ramamurti is concerned that the information could be provided in aggregate, making it difficult for watchdogs or taxpayers to know how the money is being spent and which specific companies or sectors are benefiting. |
| The Fed is still determining how much information it will release on its new programs, but is expected to be more transparent with the efforts that use taxpayer funds than it has historically been with its emergency lending. | The Fed is still determining how much information it will release on its new programs, but is expected to be more transparent with the efforts that use taxpayer funds than it has historically been with its emergency lending. |
| Updated June 16, 2020 | |
| The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. | |
| So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. | So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. |
| A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. | A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. |
| The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. |
| Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. | Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission. |
| States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. | States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people. |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) |
| Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. | Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications. |
| The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. | The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing. |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. |
| If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. | If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested. |
| The Dodd Frank Act placed new reporting requirements on the central bank’s programs: it has to both update relevant Congressional committees on its plans shortly after announcing them, and then follow up with transaction details. The central bank plans to publish information on program use to its website, but it is still unclear if officials will name individual companies that benefit. | The Dodd Frank Act placed new reporting requirements on the central bank’s programs: it has to both update relevant Congressional committees on its plans shortly after announcing them, and then follow up with transaction details. The central bank plans to publish information on program use to its website, but it is still unclear if officials will name individual companies that benefit. |
| Daleep Singh, the recently-appointed head of the markets group at the Federal Reserve Bank of New York, discussed transparency in the text of prepared remarks on Friday. | Daleep Singh, the recently-appointed head of the markets group at the Federal Reserve Bank of New York, discussed transparency in the text of prepared remarks on Friday. |
| “We know that transparency will be key to sustaining public confidence in our efforts. What does this mean in practice?” he said. “It means that we actively explore ways to go beyond what’s required by legislation and pro-actively report on the usage of the facilities as much as possible, subject to meeting our policy objectives.” | “We know that transparency will be key to sustaining public confidence in our efforts. What does this mean in practice?” he said. “It means that we actively explore ways to go beyond what’s required by legislation and pro-actively report on the usage of the facilities as much as possible, subject to meeting our policy objectives.” |
| The Treasury Department did not respond to requests for comment. | The Treasury Department did not respond to requests for comment. |