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Most transparent administration ever
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Treasury Secretary Steven Mnuchin is facing criticism from lawmakers and watchdog groups after refusing to disclose the businesses that received more than $500 billion in government-backed emergency loans.

Mnuchin ignited controversy on Wednesday when he said the Trump administration will not reveal the names of companies and nonprofits that got the so-called Paycheck Protection Program loans, which are guaranteed by the taxpayer and can be forgiven in full if borrowers maintain their payrolls.

Mnuchin said the names and specific loan amounts were "proprietary" and "confidential," but that came as a shock after officials had indicated earlier that the information would be subject to public scrutiny. The Small Business Administration warns borrowers in the program's loan application that their names and loan values will be released under Freedom of Information Act requests. POLITICO has sought the information under FOIA, and several other news outlets are suing the government to obtain it.

Republicans and Democrats have pressed the administration to disclose loan recipients in recent weeks, and Mnuchin's refusal has created a new flashpoint in Congress' oversight of the Trump administration's use of coronavirus bailout funds. It's fueling concerns that have dogged the program since its April 3 launch that too much of the aid is going to well-financed businesses that don't need it.


https://www.politico.com/news/...rift-congress-315940


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We are all visitors to this time, this place. We are just passing through. Our purpose here is to observe, to learn, to grow, to love… and then we return home. - Australian Aboriginal proverb

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Posts: 37794 | Location: Somewhere in the middle | Registered: 19 January 2010Reply With QuoteReport This Post
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At least four members of Congress have reaped benefits in some way from the half-trillion-dollar small-business loan program they helped create.

And no one knows how many more there could be.

It’s a bipartisan group of lawmakers who have acknowledged close ties to companies that have received loans from the program — businesses that are either run by their families or employ their spouse as a senior executive.

Republicans on the list include Rep. Roger Williams of Texas, a wealthy businessman who owns auto dealerships, body shops and car washes, and Rep. Vicky Hartzler of Missouri, whose family owns multiple farms and equipment suppliers across the Midwest. The Democrats count Rep. Susie Lee of Nevada, whose husband is CEO of a regional casino developer, and Rep. Debbie Mucarsel Powell of Florida, whose husband is an executive at a restaurant chain that has since returned the loan.

And there are almost certainly more, according to aides and lawmakers. But only the Small Business Administration and Treasury Department have that information, and the Trump administration is refusing to provide any details. That leaves it entirely up to business owners — including elected officials — to decide whether to come forward about a loan, which can be as large as $10 million.

Democrats have tried to pry free the list of recipients. But their push in the House to require disclosure of at least some companies was blocked on the floor late last month by Republicans — including Williams and Hartzler, who voted against the bill. Lee and Powell joined all Democrats in supporting it. All four lawmakers have previously voted in favor of the small-business program.

“This is the largest distributor of taxpayer money in human history, and we need to ensure taxpayers know where it’s going,” the author of that bill, Rep. Dean Phillips, said in an interview. The Minnesota Democrat added that his bill “was not written to expose members of Congress, because frankly I expected members of Congress to be forthright and transparent to begin with.”


quote:
While it is not illegal for lawmakers to apply for or accept the money, it has raised new questions about lawmakers’ potential conflicts of interest as they craft the next coronavirus rescue package as well as the administration’s fierce secrecy of the $670 billion program. The program already faced intense scrutiny over charges it was helping the well-connected after reports revealed that large corporations were among the first to be awarded loans, while the smallest businesses were stuck in line.


Now it’s being dogged by growing transparency complaints, with Treasury and SBA refusing to disclose recipients after officials initially said data would become public through Freedom of Information Act requests. POLITICO has sought the information under FOIA.

Both Democrats and Republicans have vowed there will be robust oversight of Congress’ spending on coronavirus relief, including its signature loan program. But Treasury Secretary Steven Mnuchin has so far refused to disclose the recipients of those loans, though he indicated Monday he was planning talks with lawmakers seeking details on the loans.

“Among other steps, the Administration should release the names of all PPP borrowers,” a group of senior Democrats wrote in a letter to Mnuchin on Monday.

Much of the scrutiny surrounding lawmakers taking PPP loans has centered on Williams, one of the wealthiest members of Congress with a net worth of over $27 million in 2018. He received a PPP loan for an undisclosed amount for his Roger Williams Chrysler Dodge Jeep dealership in Weatherford, Texas. The same dealership employs his wife, according to his most recent financial disclosure form.

“If you’re a multimillionaire taking taxpayer money in the middle of the biggest unemployment since the Great Depression, get ready to explain that decision to the American people,” said Rep. Katie Porter (D-Calif.) as she introduced new transparency legislation last month and called out Williams by name in a news release.

Williams was one of 146 Republicans to oppose Phillips’ bill to require the SBA to disclose loans over $2 million. Another one of those Republicans was Hartzler, whose family also received PPP loans for multiple businesses.


https://www.politico.com/news/...business-loan-320625


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We are all visitors to this time, this place. We are just passing through. Our purpose here is to observe, to learn, to grow, to love… and then we return home. - Australian Aboriginal proverb

Bazootiehead-in-training



 
Posts: 37794 | Location: Somewhere in the middle | Registered: 19 January 2010Reply With QuoteReport This Post
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I got one of those loans and I was amazed when it came through.

Rumor was that the banks were channeling them to their largest customers first. I asked my bank and they said they weren't doing that, and sure enough my application went through.


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Posts: 34852 | Location: Hooterville, OH | Registered: 23 April 2005Reply With QuoteReport This Post
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The U.S. Small Business Administration (SBA) and Treasury Department announced Friday that they will provide data regarding which businesses borrowed money from the taxpayer-funded Paycheck Protection Program (PPP) after previously saying the names of the firms would not be released.

The disclosure will apply to companies that received loans of more than $150,000 from the program. Firms that got less than $150,000 will not have their names revealed.


https://thehill.com/policy/fin...ness-loan-recipients


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We are all visitors to this time, this place. We are just passing through. Our purpose here is to observe, to learn, to grow, to love… and then we return home. - Australian Aboriginal proverb

Bazootiehead-in-training



 
Posts: 37794 | Location: Somewhere in the middle | Registered: 19 January 2010Reply With QuoteReport This Post
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