The COVID-19 Congressional Oversight Commission (COC) is an oversight body in the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
created by the
CARES Act
The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, is a $2.2trillion Stimulus (economics), economic stimulus bill passed by the 116th U.S. Congress and signed into law by President Donald Trump on March 27, 2 ...
. They will report to Congress every 30 days on how the
Department of the Treasury and the
Federal Reserve Board
The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the mon ...
manage the funds until September 30, 2025.
These reports will assess:
* The economic impact the disbursements have on the populace, financial markets, and financial institutions
* The transparency of how the money is used
* The long-term costs and benefits to taxpayers taking on loans made by the legislation
Membership
The COC has a similar composition and remit as the
TARP Congressional Oversight Panel. It will have five members, one member each appointed by the
House Speaker (
Nancy Pelosi
Nancy Patricia Pelosi (; ; born March 26, 1940) is an American politician who has served as Speaker of the United States House of Representatives since 2019 and previously from 2007 to 2011. She has represented in the United States House of ...
),
House Minority Leader
Party leaders of the United States House of Representatives, also known as floor leaders, are congresspeople who coordinate legislative initiatives and serve as the chief spokespersons for their parties on the House floor. These leaders are ele ...
(
Kevin McCarthy
Kevin Owen McCarthy (born January 26, 1965) is an American politician, serving as Party leaders of the United States House of Representatives, House Minority Leader in the United States House of Representatives since 2019. A member of the Rep ...
),
Senate Majority Leader
The positions of majority leader and minority leader are held by two United States senators and members of the party leadership of the United States Senate. They serve as the chief spokespersons for their respective political parties holding t ...
(
Mitch McConnell
Addison Mitchell McConnell III (born February 20, 1942) is an American politician and retired attorney serving as the senior United States senator from Kentucky and the Senate minority leader since 2021. Currently in his seventh term, McConne ...
),
Senate Minority Leader
The positions of majority leader and minority leader are held by two United States senators and members of the party leadership of the United States Senate. They serve as the chief spokespersons for their respective political parties holding ...
(
Chuck Schumer
Charles Ellis Schumer ( ; born November 23, 1950) is an American politician serving as Senate Majority Leader since January 20, 2021. A member of the Democratic Party, Schumer is in his fourth Senate term, having held his seat since 1999, and ...
), and the chair chosen jointly by the House Speaker and Senate Majority Leader. They need not be members of Congress.
As of 18 May 2020, the chair remained vacant, as the House Speaker and Senate Majority Leader had not yet agreed.
The current membership is:
117th Congress
116th Congress
Reports
The committee released its first report on 18 May 2020. It describes how the $500 billion Treasury Department fund will function.
See also
*
Pandemic Response Accountability Committee
The Pandemic Response Accountability Committee (PRAC) is an independent oversight committee within the Council of the Inspectors General on Integrity and Efficiency, created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2 ...
*
Special Inspector General for Pandemic Recovery
The Special Inspector General for Pandemic Recovery (SIGPR) is an Inspector General position created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 to oversee spending of government funds in response to the COVID-19 p ...
*
References
U.S. federal government response to the COVID-19 pandemic
Law associated with the COVID-19 pandemic in the United States
Organizations established in 2020
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