What is the Congressional Oversight Commission (COC)?
The COC is a bipartisan Commission tasked with overseeing how the Department of the Treasury (Treasury) and the Board of Governors of the Federal Reserve System (Federal Reserve) are utilizing specific taxpayer funds to provide economic stability as a result of the COVID-19 pandemic.
How was the COC Established?
The COC was established by Section 4020 of Title IV, Subtitle A of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), (P.L. 116-136).
What are the COC’s Specific Duties?
The COC is tasked with oversight of the implementation and execution of Subtitle A by the Treasury and the Federal Reserve. Furthermore, the COC is mandated to submit regular reports specifically addressing the implementation and effectiveness of loans, loan guarantees and investments as well as the transparency of these transactions.
The COC is responsible for answering two basic questions:
- What are the Treasury and Federal Reserve doing with $500 billion of taxpayer money?
- Who is that money helping?
Who Serves on the COC?
The COC was established as a bipartisan, five member panel. To date, four members have been appointed; a Chairperson has not yet been named. The following members currently serve on the Commission:
- Representative French Hill (R-AR)
- Senator Pat Toomey (R-PA)
Commissioner Bharat Ramamurti joined President Biden’s Administration as the Deputy Director of the National Economic Council and stepped down from his role on the Commission in December of 2020.
On May 1, 2021, Commissioner Donna Shalala resigned from her position with the Commission.