Trump, whose hotel business is losing millions, says 'I'll be the oversight' of $500 billion coronavirus 'slush fund'


One of the big sticking points in a $1.8 trillion coronavirus bailout package Senate Republicans are trying to pass is a $500 billion fund for hard-hit businesses and state and local governments. Treasury Secretary Steven Mnuchin would decide the recipients of $425 billion of that money, and the legislation contains no new oversight provisions for how it's doled out, leading Democrats to warn that Mnuchin could use this "slush fund" to bail out politically connected corporations, GOP donors, and even President Trump's private business.
When asked about those concerns during a press conference Monday evening, Trump said: "I'll be the oversight, I'll be the oversight. We're gonna make good deals."
Democrats were not mollified. Trump declined to answer Sunday when asked if his hotel and hospitality businesses would seek some of the prospective bailout money. "Everything's changing, just so you understand, it's all changing," he said. "But I have no idea." While Trump is president, his sons Don Jr. and Eric are running the family business, and like the hotel industry as a whole, the family business is getting hit very hard by the coronavirus pandemic.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Trump's business owns 11 hotels around the world, and "six of its top seven revenue-producing clubs and hotels" have been shuttered because of restrictions meant to halt the spread of COVID-19, The Washington Post reports. Those hotel and clubs — in Las Vegas, southern Florida, New Jersey, Ireland, and Scotland — bring in about $174 million a year in revenue, or $478,000 a day, according to Trump's most recent financial disclosures, the Post reports.
Bailout funds aside, Trump has a conflict because following the advice of scientists and public health experts to restrict travel hurts his private business, while "lifting the guidelines will translate into a horrifying number of American deaths," Axios notes. On Monday, Trump suggested he will err on the side of short-term economic considerations, saying the U.S. will "soon be open for business, very soon."
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
UK-US trade deal: can Keir Starmer trust Donald Trump?
Today's Big Question White House insiders say an agreement is 'two weeks' away but can Britain believe it?
By Sorcha Bradley, The Week UK
-
Netanyahu's Qatar problem
Two of the prime minister's key advisers are accused of taking bribes from the Gulf state in exchange for favourable publicity
By Richard Windsor, The Week UK
-
Cartier at the V&A: a 'dazzling' show
The Week Recommends A 'once-in-a-lifetime' display of the French jeweller's 'exquisite' objects
By Irenie Forshaw, The Week UK
-
UK-US trade deal: can Keir Starmer trust Donald Trump?
Today's Big Question White House insiders say an agreement is 'two weeks' away but can Britain believe it?
By Sorcha Bradley, The Week UK
-
A running list of Trump's second-term national security controversies
In Depth Several scandals surrounding national security have rocked the Trump administration
By Justin Klawans, The Week US
-
How might Trump's tariffs affect the luxury goods market?
Today's Big Question Luxury clothes, cars and watches could take a hit in the coming months
By Justin Klawans, The Week US
-
Trump granting military control of federal border lands could circumvent the law
In the Spotlight The move could allow US troops to detain people crossing the border
By Justin Klawans, The Week US
-
Biden slams Trump's Social Security cuts
Speed Read In his first major public address since leaving office, Biden criticized the Trump administration's 'damage' and 'destruction'
By Peter Weber, The Week US
-
El Salvador refuses to return US deportee
Speed Read President Nayib Bukele of El Salvador said he would not send back the unlawfully deported Kilmar Ábrego García
By Peter Weber, The Week US
-
The Resistance: Is it finally taking off?
Feature Mass protests erupted across all 50 states during the 'Hands Off!' demonstrations against the Trump administration
By The Week US
-
Loomer: Feeding Trump's paranoia
Feature Trump fires National Security Council officials after the conspiracy theorist attended a meeting in the Oval Office
By The Week US