The Act created a $500 billion bailout fund for U.S. industry and is the largest economic emergency legislation in U.S.
[5] Pelosi stated in her announcement that the committee would be chaired by House Majority Whip Jim Clyburn, aided by a staff of experts, and it would have subpoena power[4] and a $2,000,000 budget.
[6] Pelosi charged the committee with preventing waste, profiteering,[7] and price gouging, and seeking to ensure that responses to the pandemic are based on science.
The purpose of the committee was changed to investigate the origins of COVID-19, gain-of-function research, coronavirus-related government spending, and mask and vaccine mandates.
[9] On January 24, 2023, Speaker Kevin McCarthy announced that the subcommittee would be chaired by Representative Brad Wenstrup.