New Treasury office to oversee billions in virus relief help

The Treasury Department is creating a new office to supervise the disbursement of the billions of dollars in relief money passed by Congress to combat the coronavirus-related recession

Officials said Wednesday that the goal is to streamline the process and ensure all eligible groups have access to the aid.

The new office will also be responsible for supervising programs under the control of Treasury that were approved by Congress last year. In all, Congress has approved around $5 trillion in assistance to help millions of people who lost their jobs, and also businesses that were forced to close due to the pandemic.

Deputy Treasury Secretary Wally Adeyemo said the goal of the new office was to “get relief distributed quickly and into the hands of those who need it most.“

In a separate report Wednesday, Treasury said that another 2 million relief payments with a value of more than $3.4 billion have been disbursed over the past week.

That brings the total payments made since March 12 to 159 million with a value of more than $376 billion. These individual payments total up to $1,400 per person, with the large bulk of the money coming in the form of direct bank deposits made by the IRS.

The new Treasury office will be led by Jacob Leibenluft, who was designated as Treasury’s chief recovery officer. He will work closely with Gene Sperling, named by Biden as White House coordinator for the government’s rescue efforts.

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