With more than two trillion of your tax dollars going out the door for coronavirus economic relief, and plenty of goodies snuck in for noncoronavirus causes, we took a look at who will be flagging waste, fraud and abuse.. and how much that’s costing.
Congress approved a multi layered oversight system, similar to one established after the 2008 financial crisis as part of the Troubled Asset Relief Program, or TARP. By the way, TARP originally got $700 billion tax dollars but was reduced to $475 billion.
Three primary groups will watch over the coronavirus spending.
First, Inspectors General. A special Treasury Department Inspector General for Pandemic Recovery, which gets $25 million dollars, will look after the Treasury Department’s $500 billion loan fund.
IGs from across government will join in a new oversight board with a budget of $80 million dollars.
And existing IG offices will receive $118 million more.
Second, Congress will create a special 5-member oversight committee.
Third, the Comptroller General - essentially the federal government’s chief accountant, also gets new oversight responsibilities.as do states handing out the extra unemployment payments. It’s not clear how much those will cost.
So far, nearly $250 million tax dollars is committed to policing the aid package, but officials say that’s likely to increase.