The U.S. government’s historic $2.2 trillion coronavirus aid relief package recently approved by Congress is highly vulnerable to fraud and abuse, oversight experts and veteran watchdogs who investigated abuse of the government’s financial system bailout more than a decade ago told ABC News. The size
The U.S. government’s historic $2.2 trillion coronavirus aid relief package recently approved by Congress is highly vulnerable to fraud and abuse, oversight experts and veteran watchdogs who investigated abuse of the government’s financial system bailout more than a decade ago told ABC News.
“Everybody’s acceptance of some or a lot of fraud is going to have to be high, because it’s going to happen,” said Earl Devaney, who served as the top watchdog of the Recovery Accountability and Transparency Board, which tracked the stimulus spending following the Great Recession in the late 2000s. While the Treasury Department has said money will begin flowing immediately, some institutions, including JP Morgan Chase, said Thursday they would not be ready to receive applications by Friday.
The small business loan initiative, known as the Paycheck Protection Program, will be “an extraordinarily easy program to defraud, and it will be defrauded in massive ways,” he added.The $2.2 trillion, 880-page CARES ACT approved by Congress last week included oversight provisions, modeled after some of the safeguards implemented to track the financial system bailout and stimulus money after the Great Recession.
The third group, the Pandemic Response Accountability Committee, have the broadest mandate, aimed at rooting out waste and fraud throughout programs in the entire $2.2 trillion relief package. Trump's plans to nominate Miller, a former inspector general for the General Services Administration, will likely be met with criticism by Democrats. Inspectors General are typically independent and apolitical appointees; Miller played a role in rebuffing investigations into the withheld military aid to Ukraine that led to Trump's impeachment.
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