Mnuchin pledges ‘full transparency’ over $500 billion bailout to big business
The White House is providing “full transparency” over the coronavirus economic stimulus package that allocates $500 billion for loans to big business, U.S. Treasury Secretary Steve Mnuchin said.
The part of the $2 trillion stimulus bill that provides funding to distressed companies has been a major point of contention between Republicans and Democrats.
“We have full transparency in reporting what we’re doing to the American public,” Mnuchin said in an interview with Fox News Sunday.
After arguments over the bailout fund, Republicans agreed to add on a congressional oversight committee and inspector general to oversee how the money is allocated.
However, upon signing the bill Friday, Trump said he thinks the inspector general needs his permission in order to report back to Congress with information about loans and business recipients.
“I do not understand, and my administration will not treat, this provision as permitting the [the inspector general] to issue reports to the Congress without the presidential supervision,” he wrote in a signing statement. (CNBC)
Facing testing supply shortage, Washington governor calls for mobilizing manufacturing base ‘like we did in World War II’
In Washington state, which has been dealing with the COVID-19 crisis the longest, there is “desperate need” for testing kits, Gov. Jay Inslee said.
“We simply don’t have materials to take the test itself,” Inslee told CNN’s Jake Tapper on “State of the Union.”
Citing materials like swabs, “we just do not have those simple things, that’s why we have to mobilize the entire manufacturing base of the United States like we did in World War II,” Inslee said.
Inslee said that he spoke to Tesla CEO and founder Elon Musk, who offered help in getting ventilators. Musk pointed out that “we don’t necessarily have a shortage, we have a maldistribution of ventilators, where we have ventilators sitting in places where they’re not being used and aren’t going to states hit first, like New York, like Washington state, like California,” according to Inslee.
“This is where we need federal coordination to get the assets where they’re really needed,” Inslee said.
Inslee said he’s been in communication with the Army, FEMA and Vice President Mike Pence. “We’re not distracted by some of the noise out of the White House,” he said. (CNBC)
New Orleans could run out of ventilators, hospital beds by early April
GP: Coronavirus New Orleans shutdown
New Orleans, which has emerged as a hot spot for the coronavirus health crisis in the U.S., could run out of ventilators and hospital beds by early April.
The outbreak’s current trajectory in the city puts it on pace for a shortfall of ventilators by April 4, and hospital beds by April 10, according to Louisiana Gov. John Bel Edwards.
“Ventilators are the short-term, really big pressing issue we’re trying to solve for,” he said on “Meet The Press.” “Really difficult because every state is looking for these. There are only so many to be had.”
Meanwhile, Michigan Gov. Gretchen Whitmer said her state’s numbers are “climbing exponentially.”
“We have hospitals that are already at capacity,” she said. “We’re running out of [personal protective equipment] as well.” (CNBC)