Economic crises owing to the COVID-19 situation are rampant in many of the countries. There have been changes in the stock market and huge amounts have been spent in relieving people and industries from the economic fallout. Meanwhile, investigations concerning the money allocated and spent to combat the situation are also going on in various countries.
New Group Of Watchdogs Begins Investigating at Covid-19.Very recently, the Independent federal watchdogs met to discuss the spending related to the Coronavirus. This was their first meeting. Michael Horowitz, who is the Chairperson of the Pandemic Response Accountability Committee, has stated that the public will be well informed about how the money is being used to contain the pandemic.
Congress had established the Pandemic Response Accountability Committee consisting of 20 Inspectors General. Their charge was to provide oversight of more than $2.4 trillion in taxpayer payments to the following:
Melinda Miguel, Florida’s Chief Inspector General, has declared that the people of the United States are counting on them to provide transparency over the funds allowed during the Coronavirus pandemic.
In April, the National Investigative Unit spoke about the no-bid Coronavirus contracts, such as the ones in February. The Centers for Disease Control and Prevention had spent a huge amount on the mandatory quarantines of Americans who had returned to the country from overseas.
At least $2 billion were issued by the Federal Government for the contracts concerning the COVID-19 situation. However, after two months, it has been found out that this amount has grown seven times bigger and has reached a whopping $14 billion.
The Department of Health and Human Services has committed to spend half of the total amount, followed by the Department of Homeland Security and Veteran Affairs.
A week back, the lawmakers at a congressional meeting showered praises on the Inspectors General for their skills and talents in rooting out waste. Horowitz has also stated that they hope to play a positive role in ensuring proper use of the funds allocated for the pandemic.
Recently, the Senate has approved the President’s nominee for investigating yet another program. And, that will be the amount spent by the U.S. Treasury.
The U.S. Treasury has spent a humongous amount of $500 billion for bailing out companies that have been struggling because of the outbreak of the Coronavirus pandemic.