Report

Congressional Oversight Commission: Third Report

U.S. Capitol building through metal gates

Credit: Al Drago for The New York Times

In its third report, the Commission describes recent key actions the Treasury and the Federal Reserve have taken under the CARES Act.

The Congressional Oversight Commission is one of several safeguards built into the CARES Act that aim to ensure the government’s actions justify the measure’s $2.2 trillion price tag. Its role is to report on how Treasury and the Federal Reserve are spending the $500 billion set aside to support companies and state and local governments, and how those choices affect the financial well-being of Americans and the broader economy.

In its third report, the Commission describes recent key actions the Treasury and the Federal Reserve have taken under the CARES Act, and discusses the current status and effects of the Treasury and the Federal Reserve's emergency lending programs.

The Congressional Oversight Commission was created by the CARES Act stimulus law to oversee economic stability efforts by the Treasury and Federal Reserve. It has two members appointed by the leadership of each party, and a chairperson appointed by both. As of late July, the Commission had released three reports and lacked an appointed chair, staff, or a budget. Read the Commission's first report here and second report here.