The Fourth Report of the Congressional Oversight Commission

"This is the fourth report of the Congressional Oversight Commission (Commission) created by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).1 The Commission’s role is to conduct oversight of the implementation of Division A, Title IV, Subtitle A of the CARES Act (Subtitle A) by the U.S. Department of the Treasury (Treasury) and the Board of Governors of the Federal Reserve System (Federal Reserve). Subtitle A provides $500 billion to the Treasury for lending and other investments “to provide liquidity to eligible businesses, States, and municipalities related to losses incurred as a result of coronavirus.”

 Of this amount, $46 billion is set aside for the Treasury itself to provide loans or loan guarantees to certain types of companies. Up to $25 billion is available for passenger air carriers, eligible businesses certified to perform inspection, repair, replace, or overhaul services, and ticket agents. Up to $4 billion is available for cargo air carriers, and up to $17 billion is available for businesses “critical to maintaining national security.”3 Any unused portions of this $46 billion, and the remaining $454 billion, may be used to support emergency lending facilities established by the Federal Reserve.

The CARES Act charges the Commission with submitting regular reports to Congress on:

  The use by the Federal Reserve of authority under Subtitle A, including with respect to the use of contracting authority and administration of the provisions of Subtitle A
 The impact of loans, loan guarantees, and investments made under Subtitle A on the financial well-being of the people of the United States and the U.S. economy, financial markets, and financial institutions.
 The extent to which the information made available on transactions under Subtitle A has contributed to market transparency.."
CARES Report