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U.S. TREASURY SETS UP NEW 'RECOVERY OFFICE' TO OVERSEE RELIEF PROGRAMS

By Andrea Shalal

3 Min Read

WASHINGTON (Reuters) - The U.S. Treasury Department on Wednesday unveiled a new
office to oversee the implementation of economic relief programs, including
nearly $420 billion in programs under President Joe Biden’s $1.9 trillion
COVID-19 rescue plan.

FILE PHOTO: The United States Department of the Treasury is seen in Washington,
D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly/File Photo

The new office will report to Deputy Treasury Secretary Wally Adeyemo and will
be led by Jacob Leibenluft, a counselor to Treasury Secretary Janet Yellen, who
will work closely with Gene Sperling, the White House rescue plan coordinator.

Consolidating the recovery programs covered under Biden’s American Rescue Plan
(ARP) and others enacted under the Trump administration’s CARES Act will improve
efficiency, equity and outreach to grantees, Adeyemo told reporters.

“Many of these programs are new to Treasury, and have until now been located in
disparate parts of Treasury,” Adeyemo said.

“In order to ensure they’re administered effectively and create one point of
entry for grantees, we’re establishing an umbrella office, the Office of
Recovery Programs.”

One of the lessons learned from previous recovery programs was the importance of
having outreach to ensure that underserved communities also got access to
funding, a Treasury official told reporters.

The new office is aimed at making it easier for communities, businesses, and
households to access relief.

“Insufficient attention to equity can have real consequences, so... that’s at
the center of everything we’re doing here,” said the official, adding that
Treasury was working to create systems and processes that encouraged the most
equitable distribution possible.

Leibenluft said the office would “work around the clock to engage with
stakeholders, understand the needs in communities across the country, and
swiftly implement relief for those who need it most”.

The new office will oversee programs including the State and Local Fiscal
Recovery Fund, Emergency Rental Assistance, the Homeowner Assistance Fund, the
State Small Business Credit Initiative and the Capital Projects Fund.

Others include the Coronavirus Economic Relief for Transportation Services
(CERTS) Program, the Payroll Support Program, the Coronavirus Relief Fund and
the Airline and National Security Loan Program.

Recovery programs disbursed through the tax code, including stimulus checks and
the enhanced child tax credit, will continue to be led by Treasury’s Office of
Tax Policy, the Internal Revenue Service and the Bureau of Fiscal Service.

Treasury and the IRS on Wednesday announced the disbursement of nearly two
million more payments in a fifth batch of Economic Impact Payments under the
ARP, bringing the total disbursed so far to about 159 million payments valued at
more than $376 billion, Treasury said.

Reporting by Andrea Shalal; Editing by Andrea Ricci and Jan Harvey

Our Standards: The Thomson Reuters Trust Principles.

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