Mnuchin will discuss PPP oversight with Congress after criticism
Reuters
Published Jun 15, 2020 12:07PM ET
By Pete Schroeder
WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Monday he would talk to Congress about proper oversight of $660 billion in small business economic relief, after previously resisting calls to reveal who received the funds.
Mnuchin tweeted he would discuss oversight of the Paycheck Protection Program (PPP) with lawmakers in attempt to balance disclosure with "appropriate protection of small business information."
Earlier this month, Mnuchin told lawmakers that revealing which businesses received PPP loans and for how much could be "confidential" and "proprietary," in part because the loan amounts are determined by how much a business pays employees.
But the resistance was met with blowback from both Republicans and Democrats, who said it is difficult to appropriately guide government aid during the pandemic without knowing where the money is going. Furthermore, they added the public has a right to see where taxpayer dollars are spent.
"Given the many problems with the PPP program, it is imperative American taxpayers know if the money is going where Congress intended - to the truly small and unbanked small business. The administration’s resistance to transparency is outrageous and only serves to raise further suspicions about how the funds are being distributed and who is actually benefiting," said Senate Minority Leader Chuck Schumer, a Democrat, in a statement Friday.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.