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Committee Republicans Demand Answers on Secretary Yellen's Refusal to Testify on PPP, Defying Law

WASHINGTON, D.C. – Today, Ranking Member Luetkemeyer (R-MO) sent a letter signed by all Committee Republicans to Department of the Treasury Secretary Janet Yellen demanding answers regarding her failure to testify before the House Small Business Committee on the status of the Paycheck Protection Program (PPP). The bipartisan Consolidated Appropriations Act of 2021 states:

  • "Not later than the date that is 120 days after the date of enactment of this Act, and not less than twice each year thereafter until the date that is 2 years after the date of enactment of this Act, the Administrator and the Secretary of the Treasury shall testify before the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives regarding implementation of this Act and the amendments made by this Act."

Excerpts and the link to the full letter can be found below. 

"Although the common goal of assisting small businesses through the emergency period remains the guiding light, the Treasury Department under your leadership has removed itself from the PPP.  Despite the Treasury Department’s own website declaring 'The Paycheck Protection Program established by the CARES Act, is implemented by the Small Business Administration with support from the Department of the Treasury,' you have ignored the law and refused to testify before the House Small Business Committee as required within 120 days after the Consolidated Appropriations Act, 2021 was signed into law. In contrast, our Committee received testimony from SBA Administrator Guzman on May 26, 2021.    

"Given the PPP application and processing window have officially concluded, we are once again requesting your testimony on the Congressional Record regarding the program as statutorily required.  The Committee continues to conduct important reviews of the emergency period, including how lenders participated within the program, which was your agency’s primary role under the PPP.   

"While the entire country is ready, willing, and eager to fight for the survival of America’s small businesses, you have ignored their plight.  It is simply unacceptable.  We expect you to do your job and testify before our Committee by August 1, 2021. We have important work to do."

The link to the full letter can be found here