Activists: Mnuchin’s Announcement Regarding PPP Loans Disappointing

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Activists: Mnuchin’s Announcement Regarding PPP Loans Disappointing
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Statement from Good Jobs First Regarding Treasury Secretary Mnuchin’s Announcement that Paycheck Protection Program Loans Will Not Be Disclosed

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Q1 2020 hedge fund letters, conferences and more

Statement from Good Jobs First Regarding Mnuchin's Announcement

Washington, DC—Good Jobs First Executive Director Greg LeRoy today issued the following statement:

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“Secretary Mnuchin’s announcement is wrong by every measure and must not stand.

Secretary Mnuchin is just flat wrong when he labels such data to be “proprietary” and “confidential,” suggesting that disclosure could somehow harm the recipients. In fact, Good Jobs First, in its Subsidy Tracker database, has been posting company-specific data about 137 federal incentive programs—including five Small Business Administration loan programs—for five years, many of them originally posted at USAspending.gov. See them enumerated at: https://www.goodjobsfirst.org/subsidy-tracker-federal-data-sources .

“As well, we have been disclosing deal-specific records from more than 900 state and local incentive programs at the same website, with no harm whatsoever to recipient companies.

“Secretary Mnuchin’s position would reverse federal precedent from the Obama stimulus of 2009, in which the federal recovery.gov website posted details about the awarding—and the outcomes every quarter—of every American Recovery and Reinvestment Act award.

“The high level of interest Americans showed in the data at recovery.gov helped the Recovery Accountability and Transparency Board keep the stimulus remarkably free of scandals. Millions of eyeballs kept the Recovery Act clean. The fact that Secretary Mnuchin now wants to hide such records suggests he does not share that goal for CARES Act spending.”

What do you think about the announcement? Should the data be disclosed or not? Tell us by sounding off in the comments section.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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