'Oversight doesn't necessarily impede speed here,' said Peter Orszag, former director of the Office of Management and Budget.
" "If you don't have any oversight at all, you're just asking for trouble. There will be more fraud than is necessary."
Orszag, the former director of the Office of Management and Budget, said he does not think properly administered oversight will create bureaucratic inefficiencies that make it harder to execute the programs.Lazard"In fact, what I would say is there is a risk to too little oversight because it will generate more backlash when things go wrong and therefore undermine the ability to do more later when we need it," he added.
Orszag said he thought the government's policy response has been appropriate in scale, given the wide-ranging challenges presented by the COVID-19 outbreak. "I think it's great that we're experimenting with lots of different programs. There's like an alphabet soup that's forming," he said, referencing both the new small business loan program and the Federal Reserve's"That's all great, because we are in a moment where that kind of aggressive action is absolutely warranted, but that doesn't mean you don't need any oversight," he said.
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