04.17.20

McConnell Announces Oversight Plans for Historic CARES Act

Chairman Mike Crapo will coordinate Senate-wide oversight of the rescue package; Senator Pat Toomey is McConnell’s choice for five-member commission.

WASHINGTON D.C. — U.S. Senate Majority Leader Mitch McConnell (R-KY) announced today that Chairman Mike Crapo (R-ID) of the Senate Banking Committee will lead and coordinate the Senate’s oversight of the historic CARES Act. He also announced that Senator Pat Toomey (R-PA) will be the Senate Majority Leader’s appointment to the five-member Congressional Oversight Commission created by the statute.

“The CARES Act is the biggest rescue package in the history of Congress,” said Leader McConnell. “Appropriate, objective, and nonpartisan oversight will be key to ensuring its dollars and programs find their mark.”

“I’m glad a leader like Chairman Crapo is stepping up to coordinate our Senate-wide effort. The Banking Committee already has jurisdiction over the largest parts of the legislation, including economic stabilization and the Federal Reserve. 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.”

Leader McConnell announced this plan after consulting with Chairman Lamar Alexander of the Health, Education, Labor, and Pensions Committee, Chairman Richard Shelby of the Appropriations Committee, Chairman Chuck Grassley of the Finance Committee, Chairman Ron Johnson of the Homeland Security and Governmental Affairs Committee, Chairman Marco Rubio of the Small Business Committee, and Chairman Roger Wicker of the Commerce Committee in addition to Chairman Crapo.

Leader McConnell also announced that Senator Toomey will be the Senate Majority Leader’s appointment to the five-member Congressional Oversight Commission created by the CARES Act itself. The Commission is focused specifically on the economic stabilization efforts of the Treasury Department and the Federal Reserve.

“Senator Toomey is one of the sharpest members of the Senate,” Leader McConnell said. “He is a leader on economics and finance and a key member of the Finance, Banking, and Budget Committees. The Commission will benefit greatly from his expertise.”