ICYMI: Chairman Clyburn Talks PPP Investigation with CNBC
Washington, D.C. (June 17, 2020) - Yesterday, Rep. James E. Clyburn, Chairman of the Select Subcommittee on the Coronavirus Crisis joined CNBC's Closing Bell to discuss letters sent to the Treasury Department, the Small Business Administration, and eight national banks demanding immediate action to improve equity and transparency in the disbursement of funds under the Paycheck Protection Program (PPP). You can watch here.
Here are some key moments from the interview:
On the goals of the Select Subcommittee's investigation:
"We need to know who is getting the money so that we can determine whether or not they were eligible for the money. Already we've seen some people who answered that letter and one particularly sent $10 million back immediately because the company was not deserving of it. We know that this could be the case with others. Let's be transparent, and that's all we're asking."
On Secretary Mnuchin's refusal to reveal PPP recipients:
"It could be that Mnuchin doesn't want us to know what relationships he may have with these people. We need to know all of this. He didn't just drop out of the sky. He came into the federal government after living for a long time operating in the business world."
"I want to make sure that everybody who is getting this money is deserving of it. We know full well the first time the money went out, a lot of people admitted that it went to long-time customers. In some instances, it went to people based on their ability to repay. What we're saying is this money is supposed to go to companies that need it that need to keep people working."
On the need for additional coronavirus stimulus:
"We've already passed the HEROES Act in the House. It's a $3 trillion bill. Even when we passed it, against the objections of the people that said that it was too much money, the Chairman of the Fed, Chairman Powell said shortly thereafter, … $3 trillion may not be enough. So the fact of the matter is, I do believe that there are things in it, that HEROES Act, that need to be done right away."
"For instance, $1 trillion will go to state and local governments. They're in need. The fiscal year comes to an end for many of them on June 30, some of the programs will expire July 31st, and we need to keep the governments functioning. So I do believe that we need to pass the HEROES Act."
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