The DFC was headed by former Jared Kushner roommate Adam Boehler from 2019 to the end of Trump’s reign of terror. This position brought him all kinds of fun times, roaming around the world to solve all the problems of the world and America with Trump’s son-in-law. Remember how Jared solved the Israel/Palestine problem? Remember how Saudi Crown Prince Mohammed bin Salman allegedly had Washington Post journalist Jamal Khashoggi, and then we helped cover it up? Boehler was on most of those plane flights and in those conference rooms with Kushner.
The Trump administration has mandated Boehler’s DFC, through an executive order that expanded the scope of the DFC, to once again support the production of personal protective equipment and other pandemic supplies in the hopes of reducing pressure on the world’s supply chains. to light up. Trump’s move to earmark the money for the DFC, however, was an attempt to alleviate the crisis felt domestically as the US sought gloves and masks for frontline workers.
The $100 million given to the DFC would reportedly be “processed” into many billions of dollars in loans. One of the promises made to the American public was that by creating this international loan program that would help keep supplies such as pharmaceuticals to the United States, it would bring jobs into the country by leveraging these loans. to gain a foothold in the US supply chain production chain that has disappeared in recent decades with the dominance of China as the manufacturing center of the world.
At the time, Boehler told Reuters that an attractive $12 billion Taiwanese semiconductor factory could end up in Arizona with this money. “We provide loans and investment finance, so could we be relevant there? Absolute. We’re talking tens of billions of dollars of potential here, so that’s a possibility, I’m not ruling it out.”
The US Government Accountability Office (GAO) points out that none of this appears to have happened. Not that the promises made haven’t come true, just that the $100 million taken out of the CARES law hasn’t gone anywhere. The author of the GAO report, Chelsea Kenney, told NBC News that the DFC spent two years sitting on the money, looking at 175 loan applications and reducing the number to eight. After two years and $100 million in earnings, the DFC has next to nothing to look forward to.
The DFC says that although she was entrusted with this task, there are other agencies that are also tasked with jobs, and there are many assessments that must take place before any money is handed out, and it is unfair that the DFC has only just started dealing with this money and is judged harshly. Kenney told NBC that the job of the GAO is to find out how well or not a government agency is working. “It’s now two years later and without an evaluation we can’t really understand if this is a tool to meet these needs in a national emergency.”
However, the DFC responded, saying that while it hadn’t disbursed any of the $100 million for its stated goals, it had spent about $1 million going through the loan applications. The GAO also found that the “DFC has not kept track of how much money it has spent on the Covid supply chain program.”
The silver lining in all of this is that while tens of millions of dollars were irresponsibly wasted by the Trump administration during the pandemic, most of the time the DFC just seems to be a waste of time and resources wrapped up in a PR stunt facade:
In July 2020, the agency announced a $765 million commitment to partner with Kodak to create generic drug ingredients needed in the pandemic. Kodak’s shares rose 570 percent and the company said it plans to expand existing facilities in Rochester, New York and St. Paul, Minnesota.
The deal came under immediate scrutiny and never went through.
The fact is that from the very beginning of the pandemic, the Trump administration did what it did with regard to every move it made, even before the pandemic: Trump and his supporters figured out how to make money, meaning tax money to Trump. and his allies is transferred.