White House Adviser: No 'Transparency' Promise Ever Made Over Billions In Loans
Larry Kudlow, director of the U.S. National Economic Council, speaks to reporters outside the White House on May 15. (Photo: Drew Angerer via Getty Images)
White House economic advisor Larry Kudlow said Sunday that the government had never promised to disclose which companies would receive more than $ 500 billion in coronavirus relief loans, contrary to an earlier statement by Treasury Secretary Steven Mnuchin .
Kudlow, director of the US National Economic Council, made a statement to Jake Tapper about CNN's State of the Union on the Paycheck Protection Program, which Congress approved in March to rescue companies from the coronavirus pandemic were affected.
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When asked whether the Americans deserve to know which wealthy companies have received tax-financed bailouts, Kudlow said: “As for the naming of each company, I don't think this promise was ever made, and I don't think that it is necessary. ”
Mnuchin promised in March that the government would “have full transparency about everything we do. We will report to the public. “On Wednesday, he informed the Senate Committee on Small Business and Entrepreneurship that information is now considered“ confidential ”.
President Donald Trump's government tried to withdraw this promise last week.
Several democratic lawmakers have raised the alarm over reports that several large corporations, including some belonging to wealthy donors to the Trump campaign, have received tens of millions of dollars in small business loans.
The Trump administration's lack of transparency is undermining years of precedent created by similar loan programs. According to The Washington Post, the Small Business Administration typically announces the names of borrowers who will benefit from the program on which the PPP is based.
The paycheck protection program has largely helped companies with close relationships with banks, while companies without those relationships have been neglected. Ethnic minorities own a disproportionately high percentage of such companies.
In May, Trump removed the Inspector General, who was responsible for overseeing the $ 2 trillion in coronavirus aid, including the PPP program.
Check out the excerpt from CNN's "State of the Union".
State of the nation
CNN's @Jaketapper is pushing White House economic advisor Larry Kudlow for the transparency of the loans granted to companies under the Paycheck Protection Program. #CNNSOTU
1:49 p.m. - June 14, 2020
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