Federal Reserve to Reveal Bailed-Out Companies, a Win for Transparency, Accountability
Statements From Public Citizen Experts
Note: The Federal Reserve announced today that it would disclose the names of the companies and terms for recipients of the $4 trillion in loans authorized by the CARES Act. Public Citizen, other organizations and Congressional Oversight Commission members U.S. Rep. French Hill (R-Ark.) and Bharat Ramamurti have pressed the Fed to name names.
“Chair Jerome Powell and the Fed Board acted like responsible adults with this transparency decision. While many Republicans in Congress resisted the inclusion of any oversight provisions in the $2.3 trillion CARES Act, the Fed appears to understand that the best way to limit the inevitable scandals arising from the misuse of bailout funds is to make sure everyone knows where those funds are going.”
- Bartlett Naylor, financial policy advocate
“With trillions in bailout funds sloshing around corporate America, Congress’ watchdogs, outside organizations and taxpayers all deserve some accountability. Public disclosure of the taxpayer money spent to bail out corporations is vital, and we applaud this move in the right direction. Even more disclosure would be welcome.”
- Lisa Gilbert, vice president of legislative affairs