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.