And now for something completely similar. House Democrats have appointed a congresswoman who critics say has financial conflicts of interest to oversee the half-trillion-dollar corporate bailout package passed last month in response to the novel coronavirus (COVID-19) pandemic.
According to the Miami Herald, Rep. Donna Shalala (D-Florida) was hand-picked by House Majority Leader Nancy Pelosi (D-Calif.) for the bi-partisan CARES Act oversight panel on Friday. Shalala, however, did not personally lobby for the job.
David Dayen, writing in the left-of-center The American Prospect, called the majority leader’s choice “a stunning selection” and reported that, according to his sources, Shalala “had no interest in the job.” The Prospect is frequently critical of big money.
The Hill explained the process by which the oversight panel is being selected.
One Democrat who did lobby for the job was progressive Rep. Katie Porter (D-Calif.), who has an extensive background in financial services and previously served as California’s independent bank monitor. In that post, Porter oversaw a $25 billion settlement over mortgage fraud. Porter also wrote a textbook on consumer law but was mysteriously passed over by Democratic Party leadership for the position.
Shalala, on the other hand, “has no expertise in the financial industry or the [Federal Reserve],” Dayen noted.
In a statement announcing the decision, Pelosi cited Shalala’s time as former Health and Human Services secretary under President Bill Clinton as having prepared her for the extremely powerful oversight authority position.
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