Accountability Doesn’t Expire Act
Summary
The "Accountability Doesn't Expire Act" (H.R. 4210) proposes amendments to the CARES Act, specifically targeting the Pandemic Response Accountability Committee (PRAC) and Paycheck Protection Program (PPP) loans. The bill aims to extend the PRAC's operational timeline and mandate a report on the impact of extending the statute of limitations for PPP loans. The proposed extension of the PRAC suggests an ongoing need for oversight related to pandemic relief funds.
Expected Effects
If enacted, the bill would extend the Pandemic Response Accountability Committee's (PRAC) life by five years, from 2025 to 2030. It would also require the PRAC to submit a report to Congress by September 30, 2030, detailing the impact of extending the statute of limitations for PPP loans, as influenced by the PPP and Bank Fraud Enforcement Harmonization Act of 2022.
Potential Benefits
- Enhanced oversight of pandemic relief funds, potentially reducing fraud and misuse.
- Improved accountability for PPP loans, ensuring borrowers adhere to the terms.
- Data-driven insights into the impact of extended statute of limitations on PPP loans, informing future policy decisions.
- Continued operation of a committee dedicated to pandemic-related financial accountability.
- Potential for recovering misspent funds, benefiting taxpayers.
Most Benefited Areas:
Potential Disadvantages
- Extended government oversight may increase administrative costs.
- The report requirement could divert resources from other PRAC activities.
- Businesses might face prolonged uncertainty regarding PPP loan forgiveness.
- The focus on PPP loans could overshadow other areas of pandemic relief oversight.
- Potential for increased scrutiny and audits for businesses that received PPP loans.
Constitutional Alignment
The bill aligns with the Constitution, particularly Article I, Section 8, which grants Congress the power to collect taxes, pay debts, and provide for the general welfare of the United States. The establishment and extension of the Pandemic Response Accountability Committee fall under Congress's power to oversee the spending of public funds. The reporting requirement also aligns with Congress's oversight responsibilities.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).