The following is a transcript of an investigative report on Full Measure News. Click on the link at the end of the transcript to watch the video story.
With more than two trillion of your tax dollars going out the door for coronavirus economic relief, and plenty of goodies snuck in for noncoronavirus causes, we took a look at who will be flagging waste, fraud and abuse.. and how much that’s costing.
Congress approved a multi layered oversight system, similar to one established after the 2008 financial crisis as part of the Troubled Asset Relief Program, or TARP. By the way, TARP originally got $700 billion tax dollars but was reduced to $475 billion.
Three primary groups will watch over the coronavirus spending.
First, Inspectors General. A special Treasury Department Inspector General for Pandemic Recovery, which gets $25 million dollars, will look after the Treasury Department’s $500 billion loan fund.
IGs from across government will join in a new oversight board with a budget of $80 million dollars.
And existing IG offices will receive $118 million more.
Second, Congress will create a special 5-member oversight committee.
Third, the Comptroller General - essentially the federal government’s chief accountant, also gets new oversight responsibilities.as do states handing out the extra unemployment payments. It’s not clear how much those will cost.
So far, nearly $250 million tax dollars is committed to policing the aid package, but officials say that’s likely to increase.
Click on the link below to watch the video report on FullMeasure.news: