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‘Senate Democratic Leader Chuck Schumer has secured a provision in the agreement that will prohibit businesses controlled by the President, Vice President, Members of Congress, and heads of Executive Departments from receiving loans or investments from Treasury programs. The children, spouses and in-laws of the aforementioned principals are also included in this prohibition.’
The point above was one thing that Senate Minority Leader Chuck Schumer’s office emphasized early Wednesday after Democratic and Republican lawmakers and the Trump administration reached a deal on a $2 trillion coronavirus stimulus package.
The largest economic rescue measure in U.S. history includes $500 billion for loans to hard-hit industries and a $367 billion program for small businesses, but it looks like the Trump Organization’s enterprises won’t benefit.
The New York Democratic senator’s provision that bans U.S. Treasury Department aid to businesses controlled by President Donald Trump or other top Washington officials comes after Trump on Sunday said he had “no idea” whether his business would refrain from accepting bailout money.
“Everything’s changing, just so you understand. It’s all changing,” the president said on Sunday, according to a Washington Post report. “But I have no idea.” On Saturday, Trump had said his own hotels are among those suffering due to the crisis triggered by the coronavirus causing the disease COVID-19.
Also banned from getting Treasury aid are any enterprises controlled by Vice President Mike Pence, members of Congress or bosses of executive departments such as the Department of Defense and Department of Energy.
“That makes sense,” Schumer said on CNN on Wednesday, regarding his provision. “Those of us who write the law shouldn’t benefit from the law.”
Related: Lobbyists have asked U.S. government for at least $2.3 trillion in aid
U.S. stocks DJIA, +4.83% SPX, +3.16% have been hammered this month by coronavirus-related worries, but they closed sharply higher Tuesday, with analysts pinning the gains on stimulus hopes. The Dow industrials also were trading higher on Wednesday afternoon.
