The Congressional Oversight Commission on the...>

FED: The Congressional Oversight Commission on the COVID bailouts has released

its third report. A few comments of note by member Bharat Ramamurti (via

Twitter) below; he says that the commission plans to hold its first hearing,

focused on the Main Street program, in the coming days:

- "The Fed's Main Street program is still not really doing much. It's supported

a single $12M loan. And as the Commission finds, it's also not designed to help

smaller companies 'facing serious declines in revenue that cannot take on

additional debt to address that problem'"

- "'it's clear ... that [Treasury and the Fed] are not going to impose mandatory

payroll requirements on businesses..unless Congress mandates it' Right now,

they're not requiring or monitoring anything on payroll."

- "The Commission also expressed some skepticism about the Fed's continuing

corporate bond purchases...Treasury also provided a large loan to a company

called YRC, claiming YRC was critical to national security. The Commission

thinks the basis for that loan is shaky and will be following up with more

questions for the Administration:"