Banking and Finance Law Daily Schumer makes pick for CARES Act Congressional Oversight panel
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Tuesday, April 7, 2020

Schumer makes pick for CARES Act Congressional Oversight panel

By Colleen M. Svelnis, J.D.

Bharat Ramamurti is the Senate Minority leader’s pick to be appointed to the five-member Congressional Oversight Commission established under the CARES Act.

Senate Minority Leader Chuck Schumer (D-NY) has announced that Bharat Ramamurti is his choice to be appointed to the newly-formed Congressional Oversight Commission. As described under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the five-member panel of the Congressional Oversight Commission will oversee implementation of economic relief provisions, hold hearings, and submit monthly reports to Congress. The Commission will report on the activities of the Treasury Secretary and the Federal Reserve Board, the impact of these activities on the economy and markets, and the effectiveness of the measures taken under the Act.

The panel is to be selected by congressional leaders in the Senate and House of Representatives. The Senate Majority leader, Senate Minority leader, the Speaker of the House, and House Minority leader each select one representative for the panel. The fifth seat, the Chair of the Commission, will be selected jointly by the House Speaker and Senate Majority leader.

Senator Schumer (D-NY) called Ramamurti "a ferocious advocate for consumers who will fight for transparency and hold bad actors accountable." Schumer expressed confidence that Ramamurti’s "experience and expertise will help ensure robust accountability, oversight, and transparency of the Treasury and Federal Reserve’s loan programs and protect the Congress’ clear intent to have these funds go to companies that are committed to putting workers first."

Ramamurti most recently served as Deputy Policy Director for Economic Policy on the presidential campaign of Sen. Elizabeth Warren (D-Mass), where he advised on proposals for the financial industry and student loan forgiveness, among other areas. He received his bachelor’s degree from Harvard College and his Juris Doctorate from Yale Law School.

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