Crapo to lead Senate's oversight of coronavirus rescue

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WASHINGTON — Senate Banking Committee Chairman Mike Crapo, R-Idaho, will lead the Senate’s oversight of the $2 trillion coronavirus rescue package that Congress passed last month.

Senate Majority Leader Mitch McConnell, R-Ky., cited the Banking Committee’s jurisdiction over key sections of the Coronavirus Aid, Relief, and Economic Security Act.

“The Banking Committee already has jurisdiction over the largest parts of the legislation, including economic stabilization and the Federal Reserve,” McConnell said in a press release. “Now Chairman Crapo will also work closely with the chairs of other committees of jurisdiction as they supervise their own portions of the CARES Act. He will help quarterback all our oversight Senate-wide.”

Crapo has already raised a number of issues with the Treasury Department and the Federal Reserve about their implementation of the CARES Act. In a letter Thursday, Crapo called on the agencies to clarify banks' questions about participation in the Small Business Administration's Paycheck Protection Program and take a number of steps to ensure that access to the PPP and the Fed’s liquidity facilities is broad.

McConnell also announced that Sen. Pat Toomey, R-Pa., a member of the Banking Committee, will sit on a five-member congressional oversight commission that the CARES Act mandated. Rep. French Hill, R-Ark., a member of the House Financial Services Committee, was tapped by House Minority Leader Kevin McCarthy, R-Calif., to be a member of the commission. And Bharat Ramamurti, a former economic adviser to Sen. Elizabeth Warren, D-Mass., has been tapped by Senate Minority Leader Chuck Schumer, D-N.Y., to sit on the commission.

This article originally appeared in American Banker.
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Senate Banking Committee Mike Crapo Coronavirus Liquidity Paycheck Protection Program Mitch McConnell