You can't blame Trump for the banks misusing the small business bailout funds

It was Congress and not Trump that failed to put safeguards in the bill that created the covid-19 bailout to ensure that it goes to who needs it the most.

They let the banks pick and choose who gets the money in the banks of course gave it to their top clients. you got billion dollar companies which do not even remotely meet the standards of above small business giving the money, because Congress failed to put in measures to prevent the banks from doing that. the bill doesn't actually require that the money only go to small businesses and their for the banks can screw everyone over.

They need to amend the program so that the money can only go to companies which meet the definition of a small business. and that any banks who tried to you misuse the money their CEOs and all of their executives face felony charges of misappropriation of government funding.

 

Actually, you can — you can blame them all.
Anyone that had a say in the bill.

 

Pure hogwash! The Dem congress put in safeguards that Tramp ignored with his signing statement and then fired the IG!!!!!

 

BS. The proposed by the house only limited what the money could be used for not who it would go to.

 

No question about it. As soon as they announced all this spending, I said to my wife "another government boondoggle." It always is.

 

My accountant and banking contact said this rollout is especially disastrous.
They have never seen anything this broken — what do we expect though, we have a washed up reality TV host running things...

 

Elect a clown and you get a circus.

Trump dismantled oversight of the money. Who would have ever thought that would add to the abuse? Everyone but Trump.

 

On one hand I understand the OP. It was flawed legislation and blame needs to be assigned to the people that wrote the bill and misused the money. On the other hand Trump signed the legislation.

 

Yes you can, they should have directed more of the funds to community banks in the first place instead of directing them to the major big banks.

 

Not true, of course!
https://www.politico.com/news/2020/03/27/trump-congress-coronavirus-relief-oversight-152560
President Donald Trump intends to ignore provisions in the newly passed $2 trillion coronavirus relief bill intended to shore up Congress' oversight of the massive rescue program.

The legislation establishes a "special inspector general" to review and investigate loan decisions made by the treasury secretary as part of the coronavirus relief effort, an accountability measure that was a central part of Democrats' demands to shore up transparency in the bill. The provision requires the inspector general to notify Congress if he or she is "unreasonably refused or not provided" any information.

But in a signing statement issued shortly after he approved the bill, Trump says he'll be the last word on whether this provision is followed.

"I do not understand, and my Administration will not treat, this provision as permitting the [inspector general] to issue reports to the Congress without the presidential supervision required" by Article II of the Constitution, Trump said in the signing statement.

Trump also indicated he would treat as optional a requirement in the bill that key congressional committees be consulted before Department of Veterans Affairs, Department of State or U.S. Agency for International Development spends or reallocates certain funds.

"These provisions are impermissible forms of congressional aggrandizement with respect to the execution of the laws," Trump says in the statement.

Trump's incursion on Congress' involvement in key aspects of the law could rankle congressional Democrats, who conditioned their support for the enormous rescue package on stepped up oversight over the $500 billion fund meant to support distressed industries and companies.

One Democratic Senate aide indicated that this was a reason Congress built in multiple layers of oversight — including the new inspector general, a review council of other inspectors general and a congressional review committee charged with overseeing Treasury and the Federal Reserve's efforts to implement the law.

 

Sorry none of that even comes close to contradicting what I said. The over night was about how the money was supposed to be spent not who would get it and nothing in any of that codswallop says otherwise.

 

You’re obviously not aware how our government functions, or how legislation is crafted.

 

Please explain how Trump is not responsible for Congress not including more safeguards against the Trump administration abusing the bill.

The bill called for the IG in the Treasury Department to make sure that the funds go to who need it the most. So Trump fired the IG and demoted another. That way eliminating all oversight.

I completely understand that Congress (especially Republicans who gave him a pass to abuse power any way he wants) should know by now that Trump is a criminal who will do anything to benefit himself. But how is Trump actually abusing his power to benefit himself not Trump's fault?

 

He fired the IG and appointed the person now responsible. He has fought oversight from the beginning. But now - nope - he's not responsible.

 

With Trump the buck stops any where else. After all, he’s only the President of the United States.

 

The Trump administration aren't the ones abusing it. The issue is that the bill let the banks handle all administration of the small business relief. Independence the banks not the Trump administration who is choosing to prioritize their High revenue clients. The bill itself has no safeguards at all and it never did against this. There was never any measure in the bill to prevent Banks from giving funds from the small business relief fund to large corporations.




The best that could happen is a judge ruling is that the spirit of the law was violated. there is precedent that if a girl has a clear intention behind it anything's that violates that steering tension violates the bill even if the bill does not clearly prohibit the activity

If a judge can be convinced that it was clearly the intention of the provisions creating the small business relief fund to only allow the funds to be used to help small businesses in the bank could face criminal charges as well as civil action for rigging the fund for their large corporate clients. The criminal charges would most likely be felony misappropriation of federal funding, and the lawsuits will of course he's not only from the federal government but also from small businesses that would likely be suing for fraud.

 

And left to the IG the responsibility to oversee that they didn't abuse this. So Trump fired the IG.

BTW, Republicans wanted no oversight whatsoever. They got their wish. And now we know the consequences.

I'm pretty sure many judges will rule about 90% of everything this administration has done is illegal. But that will take some time. The point here is that we all agree that the failure in the bill is caused by lack of oversight, and that this was due to Republicans circumventing it. And, therefore, Trump is responsible.

Democrats can't be expected to babysit Trump for four years, you know....

 

Sorry...he replaced the IG with another. There were no safeguards removed, one can't be with a signing statement anyway.