Senate Minority Leader Chuck Schumer announced Monday he has appointed former top Elizabeth Warren aide Bharat Ramamurti to serve on a special congressional panel that will oversee the distribution of $500 billion in federal loans to businesses hurt by the coronavirus outbreak.
Schumer also said he’s doubtful President Trump’s pick to serve as inspector general over the loans can truly be independent.
Ramamurti is a longtime aide to Warren, a Massachusetts Democrat. Ramamurti most recently worked on Warren’s presidential campaign as deputy policy director for economic policy. Ramamurti also served in the Senate as Warren’s senior counsel on banking and economic policy and fought against lifting Obama-era financial regulations.
“Mr. Ramamurti brings a wealth of oversight experience and expertise,” Schumer said Monday.
The five-person Congressional Oversight Commission is mandated in the $2.2 trillion economic relief package Congress passed last month. Each of the top two leaders in the two parties and in each chamber will select four individuals to serve on the commission. The fifth seat will be chosen jointly by House Speaker Nancy Pelosi, a California Democrat, and Senate Majority Leader Mitch McConnell, a Kentucky Republican.
The commission is tasked with reporting on how the Treasury secretary and the Federal Reserve administer the loans and whether it is effective.
In addition to the commission, the $2.2 trillion measure requires an inspector general to oversee the loans.
Last week, Trump nominated White House lawyer Brian Miller, a former inspector general for the General Services Administration. The Senate must confirm Miller’s appointment, and, so far, Democrats aren’t in favor of Trump’s choice.
Schumer, in a conference call with reporters Monday, said the inspector general “should be independent, without fear or favor,” and said he is “dubious” Miller can be independent because he comes from the White House counsel’s office.
“I’m willing to listen to them and hear what he has to say,” Schumer said.
