Senate Hearing on CARES Act Quarterly Report (Dec 2020)
January 1, 2021
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The Frame
The hearing addressed the decision to return unused CARES Act funds to the Treasury, which effectively ended several emergency lending programs designed to stabilize financial markets during the COVID-19 pandemic.
Potentially affected actors named in the source documents. Mention is not a position.
Financial Institutions
These entities were the primary users of the 13(3) emergency lending facilities that were terminated.
Department of the Treasury
The agency responsible for managing the return of unused CARES Act funds.
Federal Reserve
The agency responsible for operating the 13(3) facilities and returning the unused funds.
Last recorded activity January 1, 2021.
Next step not available in the current record.
Summary
Key Facts
- Treasury Secretary Mnuchin requested the return of unused CARES Act funds previously allocated for 13(3) emergency lending facilities.
- The hearing was held on December 1, 2020, to fulfill oversight requirements under Title IV of the CARES Act.
- The committee utilized a hybrid format with social distancing protocols in the Dirksen Senate Office Building.
- The hearing included testimony from both the Treasury Secretary and the Federal Reserve Chairman.
- The 13(3) facilities were established to stabilize financial markets and facilitate credit flow during the pandemic.
- Additional materials were submitted for the record, including statements from CUNA, NAFCU, and NAR.
Frequently Asked Questions
What was the purpose of this hearing?
What happened to the CARES Act emergency lending funds?
Why It Matters
The hearing addressed the decision to return unused CARES Act funds to the Treasury, which effectively ended several emergency lending programs designed to stabilize financial markets during the COVID-19 pandemic.
News Coverage
Lobbying Activity
Cleveland Clinic Foundation
on behalf of The Cleveland Clinic Foundation
2022
“Appropriations Hospital at Home Telehealth Workforce shortage Pediatric mental health Urging Congress to generally take into account increased labor costs and impact of inflation on hospitals ARPA-H World Trade Center Health Program Cybersecurity Laboratory Developed Tests (LDTs) Preserving 340B White Bagging Food insecurity/USDA issues Forensic nursing Prevent Pandemics Act Climate policy and health care ”
(C) MANAGEMENT INC.
on behalf of Association of Community Cancer Centers
2019
“ACCC advocated to the US House of Representatives and US Senate on the following issues: (1) passage of a federal oral parity bill in US Congress in support of H.R. 1730 (Cancer Drug Parity Act of 2019) and S. 741 (Cancer Drug Parity Act of 2019) to see the same out of pocket cost sharing for oral chemotherapy as IV chemotherapy and (2) passage of H.R. 913 CLINICAL TREATMENT Act in support of Medicaid funding for routine care costs for cancer patients in clinical trials.”
Sponsors
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Termination of Emergency Lending
The hearing marks the formal transition from emergency market support to the withdrawal of liquidity facilities.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance85How much this matters to a regular citizen
- Controversy60Intensity of disagreement among stakeholders
- Entertainment20Compellingness for a non-policy-wonk reader
- Buzz30Current news / social attention level
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