An official charged with overseeing how the U.S. government handles US$500 billion in bailout funds said on Friday he will also monitor how ...
WASHINGTON: An official charged with overseeing how the US government handles US$500 billion in bailout funds said on Friday he will also monitor how companies use the cash, including for share buybacks, dividends and staff compensation.
In response to the economic halt brought on by tight restrictions on businesses and social gatherings to stem the coronavirus pandemic, Congress created a US$500 billion Treasury fund that will underpin up to US$4.5 trillion of Fed loans to businesses, states and cities in need of financing. Ramamurti has raised concerns about those programs, arguing the Fed and Treasury should have required companies to submit to more restrictions in return for taxpayer-backed loans.In a letter to the Fed and Treasury on Wednesday, he demanded that the agencies make public"detailed and timely" information about which companies have received assistance through the programs.
"What did those companies do after they got taxpayer-backed lending? Did they keep workers on payroll? Did they fire workers but pay out full executive bonuses? Did they continue to issue dividends and engage in stock buybacks?" Ramamurti said.
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