A congressional commission charged with supervising hundreds of billions of dollars in emergency lending programs for businesses and municipalities provided a blueprint on Monday for where it will focus its oversight efforts, Politico reported. Among the more than 50 questions posed in its first report, the bipartisan panel pressed the Federal Reserve and Treasury Department on how they will measure the success of those lending programs — almost none of which have yet started. “If the agencies use economy-wide metrics, like GDP growth, unemployment rates, or wage growth, how will they isolate the effects of this program from other factors, including other federal and state relief measures?” the four-member commission, which does not yet have an appointed chair, asked. “If the agencies use more narrow metrics, like [company borrowing costs], how will they assess how changes in those metrics affect the broader economy, including the financial well-being of the people of the United States?” they added. While the massive bailout is a centerpiece of the government's efforts to rescue the economy from the coronavirus crisis, Treasury has not begun lending to airlines and businesses important to national security, though it has received applications. Commission reports are required every 30 days on the progress of the Fed and Treasury in carrying out lending to businesses and municipalities. The current members are Sen. Pat Toomey (R-Pa.); Bharat Ramamurti, a former aide to Sen. Elizabeth Warren (D-Mass.); Rep. Donna Shalala (D-Fla.) and Rep. French Hill (R-Ark.).
