House Oversight Committee Begins Kodak Investigation
While Maloney represents Manhattan and Brooklyn, she’s also chairwoman of the powerful House Oversight Committee, which is charged with making sure the government’s spending and operations are within the letter of the law.
At the end of July, the White House and Kodak announced the photography company would receive a federal loan worth $765 million, financed by American taxpayers.
“What’s so strange to me, the strangest part is that pharmaceuticals, generic drugs, they’re complicated. Kodak is a great company for cameras but they have no experience in creating drugs so why were they selected?" she said.
Maloney points out several red flags in the deal that she said warrants investigation including, company executives buying discounted stock, relationships between President Donald Trump’s inner circle and company executives, and why a little known government agency, the Development Finance Corporation, issued a no-bid contract to Kodak so suddenly.
“They are not supposed to hand out no-bid contracts, and they’re not supposed to hand out contracts to domestic companies," Maloney said. "They were created to provide loans to developing countries, to poor countries to help them.”