Senator Elizabeth Warren grills Secretary of the Treasury Steven Mnuchin for not holding corporations to the same standards as small businesses and others.
"You were given the authority to determine the terms. You've said it yourself," Warren said at the end. "You're putting out term sheets. And those term sheets do not require that a single corporation getting billions of dollars in taxpayer money retain one job."
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Secretary Mnuchin Refuses to Use His Authority to Require Companies Receiving Taxpayer Bailout Money Keep Workers on Payroll | U.S. Senator Elizabeth Warren of Massachusetts
Washington, D.C. - Treasury Secretary Steven Mnuchin indicated that he will refuse to use his authority under the CARES Act to require companies that receive taxpayer bailout money to keep workers on payroll after questioning from United States Senator Elizabeth Warren (D-Mass.) in a Senate Banking Committee hearing this morning.
Senator Warren also called for criminal and civil penalties for CEOs whose companies misuse funds and Secretary Mnuchin said he will "review that". Before the hearing, she wrote to Federal Reserve officials urging them to hold CEOs personally accountable and subject to criminal penalties if companies' do not comply with CARES Act bailout terms.
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