WASHINGTON, D.C. -- Today, Senate Majority Leader Mitch McConnell (R-Kentucky) announced that Senate Banking Committee Chairman Mike Crapo will lead and coordinate the Senate’s oversight of the historic Coronavirus Aid, Relief, and Economic Security Act (CARES Act). As Banking Committee Chairman, Crapo played a critical role in shaping many of the provisions of the CARES Act designed to provide significant economic support to severely distressed sectors of the U.S. economy.
“This crisis has had a major impact on the physical and economic health of our country, and Congress has taken bold and dramatic steps to confront it,” said Crapo. “Altogether, the CARES Act amounts to trillions of dollars in aid to combat the devastating economic toll this pandemic has taken. The Act has provided critical lifelines to individuals, families and businesses across the country who have been devastated by the coronavirus pandemic. We must protect those same taxpayers from any forms of waste, fraud or mismanagement, and I am honored to coordinate that oversight effort in the Senate as Banking Committee Chairman.”
“The CARES Act is the biggest rescue package in the history of Congress,” said Leader McConnell. “Appropriate, objective, and nonpartisan oversight will be key to ensuring its dollars and programs find their mark. I’m glad a leader like Chairman Crapo is stepping up to coordinate our Senate-wide effort. The Banking Committee already has jurisdiction over the largest parts of the legislation, including economic stabilization and the Federal Reserve. Now Chairman Crapo will also work closely with the chairs of other committees of jurisdiction as they supervise their own portions of the CARES Act. He will help quarterback all our oversight Senate-wide.”
Leader McConnell announced this plan after consulting with Chairman Lamar Alexander (R-Tennessee) of the Health, Education, Labor, and Pensions Committee, Chairman Richard Shelby (R-Alabama) of the Appropriations Committee, Chairman Chuck Grassley (R-Iowa) of the Finance Committee, Chairman Ron Johnson (R-Wisconsin) of the Homeland Security and Governmental Affairs Committee, Chairman Marco Rubio (R-Florida) of the Small Business Committee, and Chairman Roger Wicker (R-Mississippi) of the Commerce Committee in addition to Chairman Crapo.