The New York Times reports:

When President Trump signed the $2 trillion economic stabilization package on Friday to respond to the coronavirus pandemic, he undercut a crucial safeguard that Democrats insisted upon as a condition of agreeing to include a $500 billion corporate bailout fund.

In a signing statement released hours after Mr. Trump signed the bill in a televised ceremony in the Oval Office, the president suggested he had the power to decide what information a newly created inspector general intended to monitor the fund could share with Congress.

Under the law, the inspector general, when auditing loans and investments made through the fund, has the power to demand information from the Treasury Department and other executive branch agencies. The law requires reporting to Congress “without delay” if any agency balks and its refusal is unreasonable “in the judgment of the special inspector general.”

Democrats blocked a final agreement on the package this week as they insisted on stronger oversight provisions to ensure that the president and Treasury Secretary Steven Mnuchin could not abuse the bailout fund. They feared that Mr. Trump, who has previously stonewalled congressional oversight, would do the same when it came to the corporate aid program.

But in his statement, which the White House made public about two hours after the president signed the bill, Mr. Trump suggested that under his own understanding of his constitutional powers as president, he can gag the special inspector general for pandemic recovery, known by the acronym S.I.G.P.R., and keep information from Congress. [Continue reading…]