COVID-19 Congressional Oversight Commission explained

The COVID-19 Congressional Oversight Commission (COC) is an oversight body in the United States created by the CARES Act. They will report to Congress every 30 days on how the Department of the Treasury and the Federal Reserve Board manage the funds until September 30, 2025.^{[1] [2]} These reports will assess:^[2]

• The economic impact the disbursements have on the populace, financial markets, and financial institutions
• The transparency of how the money is used
• The long-term costs and benefits to taxpayers taking on loans made by the legislation

Membership

The COC has a similar composition and remit as the TARP Congressional Oversight Panel. It will have five members, one member each appointed by the House Speaker (Nancy Pelosi), House Minority Leader (Kevin McCarthy), Senate Majority Leader (Mitch McConnell), Senate Minority Leader (Chuck Schumer), and the chair chosen jointly by the House Speaker and Senate Majority Leader. They need not be members of Congress.^[2] As of 18 May 2020, the chair remained vacant, as the House Speaker and Senate Majority Leader had not yet agreed.^[3] The current membership is:

117th Congress

	Majority	Minority
Senate members	Bharat Ramamurti (D) Vacant	Sen. Pat Toomey (R-PA)
House members	Donna Shalala (D-FL)	Rep. French Hill (R-AR)
Chair	Vacant

116th Congress

	Majority	Minority
Senate members	Sen. Pat Toomey (R-PA)^[4]	Bharat Ramamurti (D)^[5]
House members	Rep. Donna Shalala (D)	Rep. French Hill (R-AR)^[6]
Chair	Vacant

Reports

The committee released its first report on 18 May 2020. It describes how the $500 billion Treasury Department fund will function.

See also

• Pandemic Response Accountability Committee
• Special Inspector General for Pandemic Recovery
• United States House Select Subcommittee on the Coronavirus Crisis

Notes and References

1. Web site: COVID-19 Congressional Oversight Commission (COC) . Jacob R. . Straus . William T. . Egar . April 17, 2020 . . April 2, 2020.
2. Web site: An Overview of Oversight for COVID-19 Relief . Clark . Ervin . Margaret . Daum . Kristina . Arianina . Patrick . Morris . April 18, 2020 . . March 27, 2020.
3. News: Werner. Erica. 18 May 2020. $500 billion Treasury fund meant for coronavirus relief has lent barely any money so far, oversight commission finds. Washington Post. 18 May 2020.
4. Web site: Pelosi, McConnell Name Picks to Serve on Coronavirus Oversight Panel . Kyle . Cheney . Melanie . Zanona . April 17, 2020 . . April 17, 2020.
5. Web site: Schumer Taps Warren Aide for New Coronavirus Oversight Commission . Marianne . LeVine . Kyle . Cheney . April 6, 2020 . . April 17, 2020.
6. Web site: GOP Rep. French Hill Named to Coronavirus Oversight Committee . Sylvan . Lane . April 17, 2020 . . April 17, 2020.