Exhibit 798

Select Subcommittee on the Coronavirus Crisis, "Prioritizing Wall Street: The Fed's Corporate Bond Purchases During the Coronavirus Pandemic," staff analysis

Exhibit 798 · Congressional report

Select Subcommittee on the Coronavirus Crisis, "Prioritizing Wall Street: The Fed's Corporate Bond Purchases During the Coronavirus Pandemic," staff analysis

Select Subcommittee on the Coronavirus Crisis staff analyzed the Fed’s most recent disclosures about its corporate bond purchases and compared the transactions to public data on layoffs, dividend payouts, and legal violations.

Majority-staff analysis (the subcommittee was chaired by Rep. Clyburn). Reports that bonds the Fed bought through the SMCCF were issued by companies that laid off more than one million workers since March 2020, that 383 issuers paid dividends, and that fossil fuel issuers were over-weighted. Mentions BlackRock once, on its climate statement. Does not analyze BlackRock's ETF holdings or fees. A one-party staff product.

Source: House Select Subcommittee on the Coronavirus Crisis (Democratic majority staff)
Date: 23 September 2020
Quoted from: p. 1, second paragraph
Grade: Primary record
Document: https://coronavirus-democrats-oversight.house.gov/sites/evo-subsites/coronavirus-democrats-oversight.house.gov/files/Staff%20Report%20(9-23-2020)_FINAL.pdf
Accessed: 2026-11-09
Cited by: Findings citing this exhibit

Cited by

Finding POL-8.13: Primary record A staff analysis by the Democratic majority of the House Select Subcommittee on the Coronavirus Crisis reported that bonds the Fed bought through the Secondary Market Corporate Credit Facility came from companies that laid off more than one million workers. Chair Powell answered on 23 September 2020 that the Fed bought small amounts across about 800 issuers because it did not want to decide which companies to buy from.