Coronavirus Aid, Relief, And Economic Security Act (CARES ACT)

This page contains information and reports related to Title IV of the CARES Act, which provides $500 billion in emergency relief in order to stabilize the marketplace and provides for robust congressional oversight of activities.

FEDERAL RESERVE EMERGENCY LENDING PROGRAMS

The Board of Governors of the Federal Reserve System (the Board) has established a number of emergency lending facilities under section 13(3) of the Federal Reserve Act (12 U.S.C. § 343) in response to the COVID-19 pandemic. Section 4026 of the CARES Act requires the Board to submit reports on any programs or facilities it establishes under Section 4003(b)(4) to the Committee on Banking, Housing and Urban Affairs, and the House Financial Services Committee. These reports must not be submitted later than 7 days after the Board authorizes a new facility or other financial assistance in accordance with Section 13(3)(C)(i) of the Federal Reserve Act, and once every 30 days with respect to outstanding loans or financial assistance in accordance with Section 13(3)(C)(ii) of the Federal Reserve Act.

TREASURY DEPARTMENT LOANS, LOAN GUARANTEES AND OTHER INVESTMENTS

The Secretary of the Treasury may enter into agreements to make loans or loan guarantees to passenger air carriers, aviation repair stations, airline ticket agents, cargo air carriers and businesses critical to maintaining national security under Sections 4003(b)(1), (2) and (3) of the CARES Act, subject to the Secretary’s discretion and certain statutorily-defined conditions.

CONGRESSIONAL OVERSIGHT COMMISSION

Section 4020 establishes a Congressional Oversight Commission charged with oversight of Title IV implementation by the Department of the Treasury and the Board, including efforts of the Department and the Board to provide economic stability as a result of coronavirus. The Panel must report to Congress every 30 days.

SPECIAL INSPECTOR GENERAL FOR PANDEMIC RECOVERY (SIGPR)

On June 2, 2020, the U.S. Senate confirmed Brian Miller to serve as SIGPR. Each calendar quarter, the SIGPR must submit to Congress a report summarizing SIGPR’s activities during such quarter that contains a detailed statement of all loans, loan guarantees, and other transactions associated with any section 4003 program, as well as the information collected under section 4018(c)(1).

QUARTERLY TESTIMONY

Section 4026 requires the Treasury Secretary and Federal Reserve Chairman to testify quarterly before the Senate Banking Committee and House Financial Services Committee regarding obligations under and transactions entered into under the CARES Act.

CHAIRMAN CRAPO LETTERS AND RESPONSES