March 25, 2020

THANKS, NANCY!:

White House, Senate reach deal on $2 trillion stimulus package (ALEXANDER BOLTON AND JORDAIN CARNEY, 03/25/20, The Hill)

Senate Republicans on Tuesday were characterizing the direct assistance as "snap loans" instead of grants, to avoid the stigma of the proposal being called a bailout, but it has yet to be determined how the government would be compensated.

The bill bans stock buybacks for any corporation that accepts government loans during the term of their assistance plus one year.

Schumer added a provision to ban businesses owned by the president, vice president, members of Congress and the heads of federal executive departments from receiving loans or investments through the corporate liquidity program. The prohibition also applies to their children, spouses and in-laws.

The legislation creates an inspector general and oversight committee for the corporate assistance program, similar to what was done for the Troubled Asset Relief Program of a decade ago, according to the senior administration official. [...]

Republicans were furious when the negotiations dragged past McConnell's stated goal of passing a bill on Monday and Democrats twice blocked procedural motions to move on to a largely GOP-drafted stimulus plan. Democrats temporarily blocked Republicans from speaking on the Senate floor, a tactic Sen. Tom Cotton (R-Ark.) could be overheard calling "bull----."

"Are you kidding me?" a visibly enraged McConnell asked from the Senate floor. [...]

The Fed loan program, which Democrats bashed as a corporate bailout program and Mnuchin's "slush fund," was one of the biggest sticking points during the late rounds of the negotiations. 

Republicans argued the Treasury Department needed $500 billion to help the Fed inject enough liquidity into the economy, while Democrats were enraged over a provision they said would let Mnuchin provide loans and guarantees and then wait six months before disclosing who got the assistance. Schumer noted in a letter to his caucus on Wednesday morning that they were able to get that provision removed. 

Sen. Joe Manchin (D-W.Va.) touted that Democrats were able to get "better oversight," including that "you can't just ... go ahead and give all your corporate executives, based on the back of the taxpayers, free carte blanche."

Posted by at March 25, 2020 12:00 AM

  

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