Drainimg the swamp!? Democrats demand details from banks, Treasury on small business bailout

https://www.politico.com/news/2020/06/15/steven-mnuchin-congress-business-bailout-319921

The request, led by House Majority Whip James Clyburn and six colleagues, came after Treasury Secretary Steven Mnuchin said the government would not reveal the names of the Paycheck Protection Program’s nearly 4.6 million loan recipients––even though the PPP loan application told borrowers their information would be released.

Clyburn and his colleagues say evidence of a “two-tiered” process, through which banks gave priority to wealthier customers, requires a more transparent understanding of how the government distributed hundreds of billions of taxpayer dollars. Under the PPP, banks have issued nearly $512 billion in loans.

“We have significant concerns that the two-tiered system that some banks reportedly developed for wealthy clients may have diverted PPP funds intended for vulnerable small business owners in underserved and rural markets,” they wrote in letters to JPMorgan, Citibank, Bank of America, Wells Fargo and other large financial institutions.