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 

Special Inspector General for Pandemic Recovery: Responsibilities, Authority, and Appointment

"The Coronavirus Aid, Recovery, and Economic Security (CARES) Act was enacted on March 27, 2020 (P.L. 116-136). The CARES Act provides over $2 trillion in relief to individuals; businesses; state, local,and tribal government; federal agencies; and industry sectors impacted by the COVID-19 pandemic.

In addition to these relief programs, Congress included a variety of provisions to facilitate transparency and oversight in the implementation of the CARES Act. Among these actions was the creation of a Special Inspector General for Pandemic Recovery (SIGPR). The SIGPR is similar in purpose and legal authorities to two other special inspectors general: the Special Inspector General for the Troubled Asset Relief Program and the Special Inspector General for Afghanistan Reconstruction.

This Insight provides an introduction to the responsibilities, authority, and selection of the SIGPR. Citations to the relevant provisions of the CARES Act are included in parenthesis as appropriate.

For other CRS materials related to the CARES Act and the impact of the COVID-19 pandemic, see CRS’s Coronavirus resource page.

Responsibilities

The SIGPR is to lead a new inspector general office within the Department of the Treasury and is directed to “conduct, supervise, and coordinate audits and investigations” of the financial assistance programs for businesses included in Title IV of the CARES Act and any other Treasury programs established under the act (§4018(c)(1)). Specifically, the SIGPR is required to collect and summarize the following information (and to maintain appropriate systems to do so):

 a description of the types of transactions entered into by Treasury (§4018(c)(1)(A));

 a listing of eligible businesses receiving assistance (§4018(c)(1)(B));

 an explanation of each loan and loan guarantee and its financial terms (§4018(c)(1)(C));

 biographical information about each person hired to service loans, loan guarantees, and other investments (§4018(c)(1)(D)); and

 estimates of the current status and value of each loan, loan guarantee, and other investment (§4018(c)(1)(E)).."

Pandemic Recovery