The $1.8 trillion coronavirus financial relief package that President Donald Trump said would be on his desk no later than today remains bottled up in Congress, in large part because Republicans in the House and Senate insist on stuffing the bill with billions in corporate welfare that would benefit some of the richest multinational corporations on the planet while at the same time stripping away protections for workers, according to the Washington Post:
“At the same time, McConnell said it was time for Democrats to ‘take yes for an answer’ and accept a bill that he said incorporated many of their ideas. Democrats, though, alleged McConnell’s bill is tilted too far in favor of corporations and doesn’t include much oversight for $500 billion in loans and guarantees that could go to firms selected by the Treasury Department.”
Be sure and pay special attention to the last sentence in that second paragraph: “Democrats, though, alleged McConnell’s bill is tilted too far in favor of corporations and doesn’t include much oversight for $500 billion in loans and guarantees that could go to firms selected by the Treasury Department.”
In essence, a $500 billion slush fund would be created. And it would be controlled by Secretary of the Treasury Steven Mnuchin, who could give the money to any company or individual he chooses, and he wouldn’t be required to disclose the recipients for up to six months.
And, just in case you were wondering: Mnuchin could dole out millions to the Trump Organization if he likes, as the president hasn’t said definitively that he would refuse such assistance.
A slush fund for the richest Americans. It’s a dream come true for Donald Trump and his grifter family.
It didn’t take long for Twitter to explode with outrage over the half-trillion dollar giveaway to fat cats, all at Mnuchin’s discretion:
Any rescue fund should be administered by an independent body, not by the Treasury Secretary of the most incompetent and corrupt administration in US history.
President Trump has already taken millions from the Treasury. Not a dollar more without total financial disclosure
— David Frum (@davidfrum) March 22, 2020
We have to be very careful about federal govt taking extraordinary power for means other than the pandemic. Justice Dept. looking to take over the judicial system. Treasury asking for a slush fund to help companies at their discretion. Watch them closely now.
— Joe Lockhart (@joelockhart) March 22, 2020
No slush fund for Mnuchin! Last time he made decisions without congressional oversight we got Suicide Squad! https://t.co/oqTR0eLExI
— Jon Lovett (@jonlovett) March 22, 2020
Millions may now lose their jobs. And Trump wants our response to be a half-trillion dollar slush fund to boost favored companies and corporate executives – while they continue to pull down huge paychecks and fire their workers. Here’s what I know and how we stop it:
— Elizabeth Warren (@SenWarren) March 22, 2020
I will vote against a giant slush fund that protects favored corporations and executive paychecks with no meaningful protections for workers. If this isn’t fixed, all Democrats should all stand together and vote no. We maintain our negotiating power when we unite together.
— Elizabeth Warren (@SenWarren) March 22, 2020
Everything that has happened for the last 3 yearsd shows that Trump would use a corporate slush fund to reward his friends and punish his enemies. There will be no oversight or transparency because the Treasury Department will defy subpoenas for documents and witnesses.
— Dan Pfeiffer (@danpfeiffer) March 22, 2020
The time has come for each and every American to let his or her member of the House or Senate know that there cannot be any slush fund or corporate bailouts. Workers and families must be the priority. Otherwise, this bill is nothing but a grab bag of goodies for the top 1 percent. God knows they’ve gotten enough benefits since Trump took office.
Find out who represents you and how to contact them by phone and email at this link: USA.gov/elected-officials.
Our voices can stop this obscene handout to the rich. But we have to act and act now.