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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Photo: Mario Tama/Getty Images

Speaker Nancy Pelosi announced Thursday the creation of a new House committee addressing the coronavirus crisis, led by House Majority Whip Jim Clyburn (D-S.C.).

The big picture: Pelosi said that the new committee would oversee "all aspects" of the federal response to the pandemic, including the $2 trillion stimulus bill. She specifically cited the Truman Committee, formed in 1941 to address inefficiencies and profiteering during World War II, as a guide.

  • Pelosi specifically said that the committee would have subpoena power, granting it significant oversight capability against the Trump administration.
  • One of Pelosi's biggest fights during stimulus negotiations was oversight language for the $500 billion fund designed to help impacted industries.

Between the lines, via Axios' Alayna Treene: A lot of lawmakers have raised concerns about the implementation of the massive stimulus, given the overwhelming demand for loans.

  • This committee will help address these concerns — and coordinate aid efforts between federal agencies.
  • It'll also serve as a check on the government to ensure federal funds aren't being abused.

This story is developing. Please check back for updates.

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Between the lines: There are growing concerns that retail investors are about to get rolled, with smart sponsors taking advantage of dumb money.

Schumer says Senate will stay through weekend to vote on COVID relief

Senate Majority Leader Chuck Schumer (D-N.Y.) accused Sen. Ron Johnson (R-Wis.) of going to "ridiculous lengths" to show his opposition to a COVID relief package widely supported by the American public, after Johnson demanded that the entire 600-page bill be read on the Senate floor.

The state of play: Johnson's procedural move will likely add 10 hours to the 20 hours already allotted for debate, during which Republicans will propose amendments to force uncomfortable votes for Democrats. Schumer promised that the Senate will stay in session "no matter how long it takes" to finish voting on the $1.9 trillion rescue package.

Felix Salmon, author of Capital
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What central bank digital currencies mean for crypto

Illustration: Aïda Amer/Axios

Central bank digital currencies, or CBDCs, represent the ultimate ratification of digital finance: Its adoption by the most venerated guardians of the international monetary architecture.

Why it matters: Crypto-evangelists often talk about CBDCs in awed terms. But it's far from clear that the bitcoin-and-ethereum crowd would ultimately benefit from money going digital.

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