April 16, 2020

Crapo Outlines Robust Oversight Requirements in Title IV of CARES Act, Urges Action on Lending Facilities

WASHINGTON, DC – U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, sent two letters to the U.S. Department of Treasury and Federal Reserve Board of Governors today on provisions under Title IV of the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides $500 billion in emergency relief in order to stabilize the marketplace. 

The first letter highlights the Committee’s robust oversight role over Title IV of the CARES Act.  Oversight activities within Title IV include 13(3) reporting requirements under the Federal Reserve Act and additional oversight requirements, such as the creation of a Special Inspector General for Pandemic Recovery (SIGPR) and the Congressional Oversight Commission.    

The second letter urges action on several issues with respect to 13(3) emergency lending facilities announced recently, including the Paycheck Protection Program (PPP) Loan Facility, Main Street Lending Facilities, TALF, Primary and Secondary Market Corporate Credit Facilities and the Municipal Lending Facility.   

Read the letter on oversight here.

Read the letter on emergency lending facilities here.