Senate Minority Leader Charles Schumer Chuck SchumerSenate Democrats introduce legislation to probe politicization of pandemic response Schumer interrupted during live briefing by heckler: 'Stop lying to the people' Jacobin editor: Primarying Schumer would force him to fight Trump's SCOTUS nominee MORE (D-N.Y.) on Monday praised the choice of Department of Defense acting Inspector General Glenn Fine to head the oversight of a $454 billion corporate lending facility that Democrats have panned as a corporate “slush fund.”

“Glenn Fine has a good reputation as a tough federal prosecutor and former [Department of Justice] Inspector General, and must exercise his full oversight authority to ensure that the Trump administration implements the CARES Act as intended,” Schumer said in a statement.

The $2 trillion CARES Act that Congress passed last week to respond to the coronavirus crisis gives Treasury Secretary Steven Mnuchin Steven Terner MnuchinOn The Money: Powell, Mnuchin stress limits of emergency loans | House seeks to salvage vote on spending bill | Economists tell lawmakers: Kill the virus to heal the economy Economists spanning spectrum say recovery depends on containing virus Powell, Mnuchin stress limits of current emergency lending programs MORE and the Federal Reserve broad authority to make loans and set up credit facilities for a range of corporations.

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Democrats insisted on setting up an inspector general and a five-member congressional oversight committee to review lending and credit decisions, sparking friction with the administration.

Trump declared in a signing statement Friday that he would supervise the inspector general’s report to Congress on how the $454 billion corporate rescue fund is used.

Schumer warned the administration Monday that all decisions would be thoroughly vetted.

“Democrats built robust, multilayered accountability and transparency mechanisms in the CARES Act to ensure taxpayer funds are properly used to protect workers and the American people. The Pandemic Response Accountability Committee is critical to holding President Trump Donald John TrumpOmar fires back at Trump over rally remarks: 'This is my country' Pelosi: Trump hurrying to fill SCOTUS seat so he can repeal ObamaCare Trump mocks Biden appearance, mask use ahead of first debate MORE and his administration accountable to the letter and spirit of the law,” he said in his statement.

Congressional leaders also need to pick the members of the congressional oversight panel, which some Republicans say is duplicative of the regular oversight duties of the Senate and House.

Senate Majority Leader Mitch McConnell Addison (Mitch) Mitchell McConnellPelosi: Trump hurrying to fill SCOTUS seat so he can repeal ObamaCare Senate GOP aims to confirm Trump court pick by Oct. 29: report Trump argues full Supreme Court needed to settle potential election disputes MORE (R-Ky.), Schumer, Speaker Nancy Pelosi Nancy PelosiPelosi: Trump hurrying to fill SCOTUS seat so he can repeal ObamaCare House lawmakers reach deal to avert shutdown Centrist Democrats 'strongly considering' discharge petition on GOP PPP bill MORE (D-Calif.) and House Minority Leader Kevin McCarthy Kevin Owen McCarthyMcCarthy's Democratic challenger to launch first TV ad highlighting Air Force service as single mother Trump asked Chamber of Commerce to reconsider Democratic endorsements: report The Hill's Morning Report - Sponsored by The Air Line Pilots Association - White House moves closer to Pelosi on virus relief bill MORE (R-Calif.) each get to select a member to the oversight committee.

McConnell and Schumer must agree on appointing the panel’s chairman.