WASHINGTON – President Donald Trump, Vice President Mike Pence, senior administration officials and lawmakers would be prohibited from getting federal aid for any of their business interests under the proposed $2 trillion coronavirus stimulus deal, according to a summary of the plan released by Senate Minority Leader Chuck Schumer, D-N.Y.
Republican and Democratic senators have reached a deal on a roughly $2 trillion stimulus package to stem the economic damage from the coronavirus outbreak. The package would be by far the largest fiscal stimulus in U.S. history and would include one-time payments of $1,200 per adult and $500 per child. It also would include $367 billion to help small businesses and $500 billion for loans to larger industries.
The plan would "prohibit businesses controlled by the President, Vice President, Members of Congress, and heads of Executive Departments from receiving loans or investments from Treasury programs," according to the summary from Schumer's office.
The ban also applies to officials' children; Trump has said his family has controlled his business enterprises since his election to the presidency in 2016.
Democrats had criticized earlier proposals from Senate Republicans and the White House, arguing for restrictions on the business bailout, saying they were concerned that Trump's Treasury Department would use some of the money to help friends and allies of the president.
Senators who negotiated the final plan told reporters that a $500 billion loan and loan guarantee program would be scrutinized by an independent inspector general and an oversight board.
Schumer told CNN that "those of us who write the law shouldn’t benefit from the law."
Neither Trump nor his aides have commented on the provision.
The Trump real estate and resort empire, like others, has been hit hard by the shutdowns caused by the coronavirus pandemic.
The Trump Organization, led by his sons Eric and Donald Jr., has had to close hotels and resorts in the United States, Ireland, and Scotland. The list includes the Mar-a-Lago resort in Palm Beach, Fla., and the golf club in Bedminster, N.J., both of which Trump has used for weekend and vacation retreats.
In all, the Trump team has shuttered six of its top seven revenue-producing clubs and hotels, facilities that bring in about $174 million per year – about $478,000 per day, according to an analysis by The Washington Post.
Trump's business interests have long drawn scrutiny. After his election in 2016, Trump set a presidential precedent by refusing to divest from his business interests.
During round-the-clock negotiations on Capitol Hill in recent days, Trump has struck an equivocal note about his business interests could – or should – potentially benefit from the legislation.
"I have no idea what they're talking about," Trump told reporters on Sunday. "Let's just see what happens."
The day before, Trump said, "I just don’t know what the government assistance would be for what I have. I have hotels. Everybody knew I had hotels when I got elected."
The president also said business is not "thriving when you decide to close down your hotels and your businesses. It's hurting me and it's hurting Hilton and it's hurting all of the great hotel chains all over the world."
This article originally appeared on USA TODAY: Coronavirus stimulus deal blocks aid for Trump's properties - Schumer