Waters, Engel, Clyburn, Maloney, Green Launch Investigation into $765 Million Deal Between Trump Administration and Kodak

Waters, Engel, Clyburn, Maloney, Green Launch Investigation into $765 Million Deal Between Trump Administration and Kodak

ORGANIZATIONS IN THIS STORY

The following press release was published by the House Committee on Foreign Affairs on Aug. 5, 2020. It is reproduced in full below.

Dear Mr. Boehler.

Pursuant to its legislative and oversight authority under House Rule X, 116th Congress, the U.S. House Committee on Financial Services, in coordination with the Committee on Foreign Affairs, Committee on Oversight and Reform, and Subcommittee on the Coronavirus Crisis, is investigating matters related to the U.S. International Development Finance Corporation’s (“DFC") program for financing private sector entities in support of the domestic COVID-19 response under the Defense Production Act of 1950 (“DPA"). On July 28, 2020, you signed a letter of interest to provide $765 million in financing to Eastman Kodak Company (“Kodak") under DFC’s DPA loan program. According to DFC, the loan would be DFC’s first use of DPA authority and would support Kodak, an organization that was on the brink of failure in 2012[1] and was unsuccessful in its previous foray into pharmaceutical manufacturing,[2] in its efforts to develop the capacity to produce up to 25 percent of domestic pharmaceutical components.[3]

In furtherance of this investigation, we request that you produce the following records as soon as possible, but no later than Aug. 31, 2020.

1. All Records, including Communications related to DFC’s consideration of Kodak, and any component or affiliate thereof, for financing under DFC’s DPA loan program, including but not limited to, all Communications between DFC and Kodak from May 1, 2020 through August 4, 2020; and

2. All Communications between DFC and any private sector entity regarding financing under DFC’s DPA loan program from May 1, 2020 through August 4, 2020.

Additionally, please provide your written acknowledgement of this letter within five days of its receipt. We also ask that you please make your staff available to meet and confer with committee staff within five days of receipt of this letter to discuss the aforementioned requests and the enclosed definitions

and instructions.

Please direct any questions regarding this request to David Abramowitz, Kevin Burris, or Bruce Johnson of Committee on Financial Services staff.

Sincerely,

The Honorable Maxine Waters

Chairwoman

House Committee on Financial Services

The Honorable Eliot L. Engel

Chairman

House Committee on Foreign Affairs

The Honorable James E. Clyburn

Chairman

House Select Subcommittee on the Coronavirus Crisis

The Honorable Carolyn B. Maloney

Chairwoman

House Committee on Oversight and Reform

The Honorable Al Green

Chairman

Subcommittee on Oversight & Investigations

House Committee on Financial Services

Enclosures

cc: The Honorable Patrick McHenry, Ranking Member, House Committee on Financial Services

The Honorable Michael McCaul, Ranking Member, House Committee on Foreign Affairs

The Honorable Steve Scalise, Ranking Member, House Select Subcommittee on the Coronavirus Crisis

The Honorable James Comer, Ranking Member, House Committee on Oversight and Reform

The Honorable Andy Barr, Ranking Member, Subcommittee on Oversight & Investigations, House Committee on Financial Services

The Honorable Dr. Mark Esper, Secretary, U.S. Department of Defense.

Source: House Committee on Foreign Affairs

ORGANIZATIONS IN THIS STORY

More News